Free Trial

White House Asks Congress For SPR Funding

OIL

The White House has asked Congress for $500mn to modernise the US strategic petroleum reserve (SPR).

  • The Department of Energy aims to improve the four SPR sites along the Texas and Louisiana coasts with the funding.
  • The US government announced the biggest withdrawal ever from the reserve earlier this year of 180mn bbl to push down oil prices that jumped after Russia's invasion of Ukraine. The release has pushed supplies in the SPR to the lowest level since March of 1984.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.