The Biden administration announced plans Thursday to refill the Strategic Petroleum Reserve (SPR) two years after Democrats blocked the Trump administration’s similar, but cheaper proposal.
The Department of Energy (DOE) said it would initiate a long-term SPR replenishment plan involving a purchase of 60 million barrels of oil that would likely occur in 2023, according to the announcement. President Joe Biden has ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31 to combat rising gasoline prices.
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