The Biden administration made $66 million in its first oil trade

News Snapshot:

The Biden administration scored a $66 million profit in its first oil trade after releasing millions of barrels from the Strategic Petroleum Reserve (SPR) in 2022 at peak prices, and then restocking when oil dipped. The US government inked a deal with five companies to purchase three million barrels of oil to top up the SPR and plans to shop for an additional three million barrels, the US Energy Department disclosed last week. Read more The DOE sold at $95 a barrel, and bought at $73 a barrel, making a $22 profit on 3 million barrels of oil for a...