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Biden Administration Lays Out Plans to Refill Oil Reserve

  • First tranche of purchases likely after fiscal year 2023
  • Deliveries expected when oil prices ‘significantly lower’
Updated on

The Biden administration announced a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve. 

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