Biden Administration Announces Another Purchase of Oil to Replenish Strategic Petroleum Reserve

The Biden administration said on Dec. 16 that it will purchase 3 million barrels of oil to replenish the country’s Strategic Petroleum Reserve (SPR).
The Department of Energy’s (DOE) Office of Petroleum Reserves said in a statement that it will start repurchasing crude oil for the SPR “to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96-per-barrel average price it was sold for, as well as to strengthen energy security.”
When oil prices escalated earlier this year after Russia invaded Ukraine, the administration pulled out a record 180 million barrels from the SPR.
President Joe Biden unveiled a plan in October to replenish the SPR using “updated authorities” that allow fixed-price purchases of crude oil….}