Biden Administration to Lay Out Plans to Refill U.S. Oil Reserve By Bloomberg

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© Reuters. Biden Administration to Lay Out Plans to Refill U.S. Oil Reserve

(Bloomberg) — The Biden administration is announcing a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve, according to a person familiar with the matter. 

The Energy Department will start the buyback process with a call for bids for 60 million barrels this fall, though the actual purchases won’t take place until sometime in the future, according to the person. 

President Joe Biden in March ordered the release of a historic 180 million barrels –a million barrels of oil a day for six months — in an effort to tame oil and gas prices that have skyrocketed after Russia invaded Ukraine. 

 

 

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