The Biden administration laid out plans to refill the nation’s oil reserves, which have been depleted following a historic release of 1 million barrels a day to counter soaring gasoline prices.
The Energy Department plans to replenish the Strategic Petroleum Reserve with oil purchases that are likely to begin after fiscal 2023 and could be made via fixed-price contracts, an administration official said Tuesday.
The Energy Department is proposing a rule to allow those fixed-price purchases of crude oil in addition to the current system of purchases tied to the market price.
The approach is designed to provide assurance to ...
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