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Biden May Buy Oil Just Below $80; Democrats Stymied Trump at $24

  • Trump proposed filling strategic reserve at rock-bottom prices
  • Democrats had crowed about blocking an oil industry bailout
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"Devil's in the Details" for Oil Price Cap: Boal

The Biden administration is considering replenishing the Strategic Petroleum Reserve when oil dips below $80 a barrel, just two years after Democrats blocked former President Donald Trump from filling the reserve at a fraction of that price.

Biden in March ordered the release of a record 180 million barrels of oil from the reserve in an attempt to stem supply shortages and the rapid rise of gasoline prices in the US following Russia’s invasion of Ukraine. The administration now is looking to protect US oil-production growth and prevent crude prices from plummeting, according to people familiar with the matter.