Commodities
Biden Restarts Plans to Refill US Oil Reserve as Prices Dip
- Energy Department seeks 3.3 million barrels of oil for cache
- High prices led agency to cancel similar plans last month
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The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache.
The Energy Department announced Tuesday it was seeking as much as 3.3 million barrels of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel a similar proposal last month on grounds it wasn’t in the taxpayer’s best interest.