U.S. Energy Department Short on Cash to Refill SPR at Low Prices

The price of the U.S. WTI crude oil has finally stayed in the low $70s per barrel for a sustainable period of time, allowing the Biden Administration to ramp up the refill of the Strategic Petroleum Reserve (SPR), which it had said would do at prices of $79 a barrel or below. WTI Crude is now at $70 per barrel as of Tuesday morning, after spending days below that threshold. But the Energy Department has just $841 million left to buy crude for the SPR, Bloomberg reported on Tuesday, citing an estimate by ClearView Energy Partners, a consulting firm.…