U.S. Plans 3 Million Barrel Purchase of Crude Oil for SPR

The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. The Biden Administration saw the stockpiles of crude oil in the nation’s strategic reserve fall from 638 billion barrels at President Joe Biden’s inauguration to just 347 billion barrels by this summer as the Administration tried to bring down gasoline prices for consumers. The large…