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Biden Officials Weigh Buying Oil at Around $80 to Refill Reserves

  • WTI futures last week fell to lowest level since January
  • Officials want to protect oil output in event of price plunge
A person works on oil pipelines at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

A person works on oil pipelines at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

Photographer: Luke Sharrett/Bloomberg

Updated on

The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.

Biden administration officials are weighing the timing of such a move, with an eye toward protecting US oil-production growth and preventing crude prices from plummeting, said the people, who asked not to be named sharing internal deliberations.