The White House also plans to replenish the nation’s emergency stockpile when West Texas Intermediate crude prices are at or below $67 to $72 per barrel.
In addition, the White House announced new details on its plan to replenish the emergency stockpile, which has the capacity to hold about 714 million barrels and contained 405.1 million barrels as of Oct. 14. The administration plans to initiate purchases when West Texas Intermediate crude prices are at or below $67 to $72 per barrel, according to a senior administration official.
The White House announced the sale as it responds to rising costs at the pump amid factors that include OPEC+’s decision to slash production targets by 2 million barrels a day and volatile oil prices following Russia’s invasion of Ukraine. “Instead of using the SPR for political bailout and empowering America’s adversaries, President Biden should end his war on American energy and join Republican efforts to reclaim our energy dominance,” the Washington state lawmaker said.
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