Biden buys oil to fill America’s strategic reserves.
The Biden administration announced on Friday (December 16) that it is buying three million barrels of crude oil to fill the strategic oil reserves of the United States.
The NBC News base wrote that the goal of the Biden administration is to prevent the increase in fuel prices in the midst of OPEC oil production reduction and the embargo on Russian oil imports.
Since March, Biden has brought 180 million barrels of US strategic oil reserves into the market and has reduced the amount of these reserves to the lowest level in the last 40 years.
The Biden administration is making good on a plan to replenish the nation’s emergency oil reserves, starting with a 3 million barrel purchase of crude.
The purchase of barrels for February delivery follows a historic 180 million barrel release of oil from the US Strategic Petroleum Reserve to tame high gasoline prices amid Russia’s invasion of Ukraine and other supply issues.
The Biden administration announced on Friday (December 16) that it is buying three million barrels of crude oil to fill the strategic oil reserves of the United States.
The NBC News base wrote that the goal of the Biden administration is to prevent the increase in fuel prices in the midst of OPEC oil production reduction and the embargo on Russian oil imports.
