Core Viewpoint - The U.S. Department of Energy is in the process of replenishing the Strategic Petroleum Reserve (SPR), a task that will take several years, following significant withdrawals by the Biden administration [1][3]. Group 1: Strategic Petroleum Reserve Replenishment - Energy Secretary Chris Wright criticized the Biden administration for irresponsibly selling off the SPR, stating that the rapid release has damaged energy infrastructure [1]. - The Department is currently working on replenishing four SPR sites and repairing two others, while seeking additional funding to expedite these efforts [1]. - In March, Wright indicated that the Department was preparing to purchase $20 billion worth of crude oil as the first step in replenishing the national SPR [3]. Group 2: Market Implications - Analysts suggest that the multi-year large-scale crude oil purchasing plan by the U.S. will provide a long-term stable demand source for the market, potentially supporting oil prices to some extent [3]. - As of now, the WTI crude oil price is approximately $61 per barrel, having declined nearly 14% since the beginning of the year [3]. - The International Energy Agency (IEA) has significantly lowered its global oil demand growth forecast, predicting a 30% drop to 730,000 barrels per day by 2025, and further slowing to 690,000 barrels per day by 2026 [3].