Biden Administration Seizes Opportunity to Refill SPR Amid Price Dip

The Biden administration has announced the purchase of an additional six million barrels of crude oil for the Strategic Petroleum Reserve (SPR), capitalizing on a recent dip in oil prices to bolster the nation's emergency stockpile. The U.S. Department of Energy (DOE) revealed on Friday two solicitations for the SPR, totaling 1.5 million barrels for delivery in September and an additional 4.5 million barrels scheduled for October, November, and December. These purchases will be directed to the Bayou Choctaw site, which has recently completed maintenance…