US to Buy 3 Million Barrels of Oil to Replenish Emergency Reserve

US to Buy 3 Million Barrels of Oil , to Replenish Emergency Reserve.

The Department of Energy made the announcement on May 15, Reuters reports.

It has requested that offers be presented by May 31 for an August delivery.

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Last year, the Biden administration sold 180 million barrels, the largest amount ever from the Strategic Petroleum Reserve.

Inventory sank to the lowest amount since 1983, about 372 million barrels.

The sale was made in an attempt to stabilize oil markets and fight high gas prices.

The sale was made in an attempt to stabilize oil markets and fight high gas prices.

Republicans criticized the decision, claiming it left America with too little to navigate a future crisis.

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The Biden administration said it would repurchase oil when prices remained near or below $67 to $72 a barrel.

This way, taxpayers would reportedly benefit since the barrels were sold for a much higher price.

On May 15, crude prices were about $71 per barrel, Reuters reports