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 follows a historic 180 million barrel release of oil from the US Strategic Petroleum Reserve to tame high gasoline prices.

“This is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for" #CoSoFinance https://www.bloomberg.com/news/articles/2022-12-16/us-energy-department-to-buy-oil-to-replenish-emergency-reserve