US to buy 1 million barrels for the Strategic Petroleum Reserve

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Trump administration plans to purchase 1 million barrels of crude oil for the U.S. Strategic Petroleum Reserve (SPR) amid falling prices, aiming to replenish the understocked reserve. The Department of Energy is expected to announce on Tuesday its intention to procure oil for delivery in December and January, utilizing $171 million from the tax and spending bill signed by Trump. The SPR, with a maximum capacity of about 700 million barrels, currently holds approximately 408 million barrels, but the government faces limited funds for the purchase.