The refilling of the nation’s Strategic Petroleum Reserve by the Biden administration resulted in a $66 million profit for the country.
The profit came after the President released millions of barrels from the SPR in 2022 because of high gasoline prices. Now, as the government replenishes its emergency oil reserves, its deal with five companies for three million barrels resulted in the profit according to the U.S. Energy Department.
According to a report by Quartz, the Energy Department sold at $95 a barrel, and bought at $73 a barrel, making a $22 profit on 3 million barrels of oil for a total of $66 million.
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