Biden won’t restock oil reserves until late 2023 but wants to make repurchase deals now

Posted on AllSides July 26th, 2022
From The Right
Department of Energy via AP

The Biden administration is unveiling new proposed rules for replacing the roughly 260 million barrels of oil that it plans to sell from the Strategic Petroleum Reserve to blunt high gasoline prices.

The administration does not expect to begin restocking the SPR, typically reserved for emergencies and national security purposes, for more than a year.

The Department of Energy wants to immediately begin making deals with oil companies to buy barrels at fixed prices but hold off on the purchases until after the next fiscal year, or Sept. 30, 2023....

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