The Department of Energy will begin slowly refilling the nation's oil stockpile following the record drawdowns President JoeBiden ordered more than a year ago to combat the rise in gasoline prices that followed Russia's invasion of Ukraine.
The department will purchase 3 million barrels to begin replacing the more than 200 million it drew down and sold in 2022, and it will do so at a profit. Oil was sold last year at an average of $95 per barrel but will be acquired at $73 per barrel, the Department of Energy said.
Critics of the drawdowns included many Republicans, who said Biden was misusing the reserve for his political advantage during an election year and argued the lower storage numbers made the country more vulnerable. Oil prices have also continued to fluctuate into and out of the department's targeted purchase price range for several months, complicating the Biden administration's plans.
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