US Officials Mull Buying Oil at Below $80 to Refill Reserve (1)

The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.

Biden administration officials are weighing the timing of such a move, with an eye toward protecting US oil-production growth and preventing crude prices from plummeting, said the people, who asked not to be named sharing internal deliberations.

The discussions come as West Texas Intermediate, the U.S. benchmark, plunged to almost $81 a barrel last week, its lowest level since January. While President Joe Biden in March ordered the release of an historic 180 million barrels ...