White House Begins Plan to Refill US Emergency Oil Reserves

The Biden administration is making good on a plan to replenish the nation’s emergency oil reserves, starting with a 3 million barrel purchase of crude. 

The purchase of barrels for February delivery follows a historic 180 million barrel release of oil from the US Strategic Petroleum Reserve to tame high gasoline prices amid Russia’s invasion of Ukraine and other supply issues. 

Original Article: https://www.bloomberg.com/news/articles/2022-12-16/us-energy-department-to-buy-oil-to-replenish-emergency-reserve