Biden Plans To Refill The SPR When Oil Prices Fall Below $72

The Biden administration will start buying crude to replenish the strategic petroleum reserve when prices fall to between $67 and $72 per barrel, the White House said in a fact sheet. “As part of its commitment to ensure replenishment of the SPR, the DOE is finalizing a rule that will allow it to enter fixed price contracts through a competitive bid process for product delivered at a future date,” the statement also said. President Biden ordered the release of a total of 180 million barrels of crude this year in response to a price…