The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.
U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, March 31, 2022.The U.S.
"We'll be releasing a solicitation to purchase 3 million barrels of oil for delivery in February of next year, 2023," the official said."This approach will lock in a price upfront when companies submit their bids," the official added.Keystone crude pipeline "We are able to do that at the same time we're doing the 3 million barrel buy-back," the official said.
"We're gonna try to be nimble and flexible here," the official said, adding that the department likes where prices are now for exploring buy-backs.
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