First on CNN: Biden administration launches plan to refill emergency oil reserve
By Matt Egan, CNN Business
Updated 10:18 AM EDT, Thu May 5, 2022
New York CNN Business —
The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN.
This would mark the first time since the early 2000s that the Energy Department has acquired large quantities of oil for the US Strategic Petroleum Reserve (SPR), the largest emergency supply of oil on the planet.
The Energy Department plans to announce the launch of the long-term buyback plan on Thursday to show officials are serious about eventually refilling the SPR, which has been drained by the war in Ukraine and sales mandated by Congress to raise revenue.
But that will take time. Delivery of the first tranche of 60 million barrels will take place in unspecified future years, the Energy Department official said, adding it will be paid for with revenue received from ongoing emergency sales.
more
https://www.cnn.com/2022/05/05/energy/spr-biden/index.html
