The White House has released a fact sheet that establishes its intention to refill the Strategic Petroleum Reserve when oil prices are between $67 and $72. In spring, President Biden ordered the release of 180 million barrels of crude from the SPR, a move that has helped to bring down the price of oil. The White House believes its approach to repurchasing the crude with both protect taxpayers and help create certainty around future demand for crude oil. 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 […]