US Buys 2.8 Million Barrels of Oil as It Fills Crude Reserve
- Energy Department has been slowly refilling facility
- Biden administration ordered a record release in 2022
Crude oil pipelines at the US Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
The US purchased 2.8 million barrels of crude for the nation’s emergency oil cache as it seeks to replenish depleted supplies.
The Energy Department has been slowly refilling the Strategic Petroleum Reserve after it reached a 40-year-low following the Biden administration’s unprecedented drawdown in the wake of the Russia’s invasion of Ukraine.