US DOE proposes buying up to 5M barrels of oil

The U.S. Department of Energy proposed on Friday to buy up to five million barrels of oil for the Strategic Petroleum Reserve, a federal web site showed.

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The SPR, which the United States set up after the Arab oil embargo of the 1970s, is obligated to occasionally buy new batches of supplies. The oil it proposed on Friday to purchase would be for delivery in June and July. The Department of Energy sold an equivalent amount of oil from the SPR last year.

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