Biden administration starts process to refill emergency oil reserve ...Middle East

The Energy Department on Tuesday announced it will buy up to 3 million barrels of oil to begin replenishing the Strategic Petroleum Reserve (SPR) after drawing out stores amid energy crunches last year. The administration is soliciting crude oil to refill one of the SPR’s four major Gulf Coast sites: Big Hill in Texas. “DOE is committed to executing an SPR replenishment strategy that provides the best deal for taxpayers— aiming to repurchase crude at a lower price than the average of about $95 per barrel it was sold for in 2022, while strengthening energy security by providing certainty to the industry in a way that helps encourage near-term supply,” the department said in a stateme

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