US to Buy Oil to Replenish Energy Reserve - Bloomberg

(Updated - December 16, 2022 12:09 PM EST)

The Biden administration plans to purchase 3 million barrels of oil as part of its plan to replenish national energy reserves following an earlier release of 180 million barrels to tame hike gasoline prices, according to Bloomberg, citing a senior admin official.

The Energy Department plans to solicit bids for oil that will believed in February. In addition it is planning a roughly 2 million barrel crude exchange to meet supply needs caused by the shutdown of the Keystone pipeline.

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