Biden administration launches plan to refill emergency oil reserve

An Energy Department official told CNN that the Biden administration aims to solicit bids this autumn to purchase 

60 million barrels of crude oil as the first phase in a multi-year process to rebuild America's emergency oil stockpile.

This would be the first time the Energy Department has bought considerable volumes of oil for 

the US Strategic Petroleum Reserve (SPR), the world's largest emergency reserve of oil, since the early 2000s.

On Thursday, the Energy Department aims to announce the start of the long-term buyback plan, 

demonstrating that officials are serious about ultimately replenishing the SPR, which has been depleted by the Ukraine war and sales ordered by Congress to raise cash.

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