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US Department of Energy Says Its Oil Purchase Plan Doesn’t Include Trigger Price

A security officer locks a gate at the Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

A security officer locks a gate at the Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

Photographer: Luke Sharrett/Bloomberg

The Department of Energy says its plan to restock the nation’s emergency oil supply doesn’t include a trigger price, and that such deliveries aren’t likely to occur until after fiscal 2023.

Bloomberg News reported Tuesday that administration officials have discussed refilling the Strategic Petroleum Reserve, or SPR, when crude prices dip below $80 a barrel, with an eye toward protecting US oil-production growth and preventing oil prices from plummeting.