The U.S. has emerged as an unlikely winner in this year's volatile energy markets after releases from the Strategic Petroleum Reserve resulted in a $4 billion windfall
. One of the biggest and perhaps most unlikely winners: The U.S. government., concluding an unusual attempt to lower gas prices after Russia’s invasion of Ukraine sent oil prices soaring.
The Energy Department, empowered by October rule changes that give it more flexibility in such purchases, is able to wait for favorable prices as it begins to refill more of the SPR’s skyscraper-sized underground storage caverns, a senior administration official said, adding that the process will likely take months and years. On Friday, the department solicited bids for 3 million barrels from a U.S. supplier starting in February.
This year’s SPR sales were the largest such release since the inventory was created after the Arab oil embargo from 1973 to 1974. As crude prices petered out in recent weeks, highflying energy stocks that were among the few bright spots in the S&P 500 this year have retreated. Thefrom its summertime high to a U.S. average of about $3.10 a gallon, according to GasBuddy.
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