Also it was guaranteed be refilled at a lower price since May when they bought oil futures against the anticipated sale. Here's the May 2022 repurchase announc

Also it was guaranteed be refilled at a lower price since May when they bought oil futures against the anticipated sale. Here's the May 2022 repurchase announcement: https://www.energy.gov/articles/doe-announces-long-term-buyback-plan-ensuring-continued-availability-strategic-petroleum https://www.energy.gov/articles/doe-announces-long-term-buyb... > The Fall 2022 call for bids to purchase 60 million barrels will specify the volume and type of crude oil that SPR will purchase. The future delivery window will be based on anticipated market conditions factoring in when future oil prices and demand are expected to be significantly lower, likely after FY 2023. In addition to securing contracts for future delivery to refill the SPR, this replenishment structure also will help encourage the production we need now to lower prices this year by guaranteeing this demand in the future at a time when market participants anticipate crude oil prices to be significantly lower than they are today. So the DOE has traded the 2022-2023 spread in the futures market and made a killing. Anyone who's talking about misuse for political gain doesn't seem to appreciate that the refill has been guaranteed since this whole thing started. This was extremely prudent use of the SPR. Also, they sold oil to China at massive premium. For the record, I am not a Biden fan, and I'm currently flat on an oil trade precisely because I thought they'd screw this up.