The Biden administration hopes to buy back at least 12 million barrels of oil for the Strategic Petroleum Reserve this year, including six million already announced, a source familiar with the matter said on Tuesday.
The administration "will continue to seek opportunities for additional repurchases as market conditions and the constraints of SPR operations allow," a DOE spokesperson said.
While the United States is far less dependent on oil imports than it was in 1983, the low level in the SPR has been a focus of Republicans who say that President Joe Biden, a Democrat, has put energy security at risk. The reserve currently holds about 351.7 million barrels. The Biden administration said it paid an average price of $73 per barrel for the oil to be delivered in August, which the administration said compared to an average of about $95 per barrel the crude it sold last year.
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