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The U.S. Energy Department on Friday announced a "solicitation" for up to 3 million barrels of oil for delivery to the nation's Strategic Petroleum Reserve in March 2024. That's part of the government agency's ongoing efforts to refill the emergency oil reserve after a historic drawdown of 180 million barrels announced by President Joe Biden in the spring of 2022. The latest move follows a Dec. 1 solicitation for up to 3 million barrels of oil for delivery to the reserve in February. The Energy Department said it has already purchased nearly 9 million barrels for the SPR at an average of about $75 a barrel — lower than the average of $95 that the SPR crude was sold for in 2022. It also said it has secured nearly 4 million barrels in "accelerated exchange returns." In Friday dealings, January West Texas Intermediate crude CLF24 traded at $71.15 a barrel on the New York Mercantile Exchange, up $1.81, or 2.6%.
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The efficiency of one-party governments might seem appealing, but leaders need a deep understanding of a country's power structure and "moral economy," says Meg Rithmire. Her book Precarious Ties: Business and the State in Authoritarian Asia explores the delicate relationship between capitalists and autocrats in the region.
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