Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Biden Administration to Lay Out Plans to Refill U.S. Oil Reserve

Published 05/05/2022, 10:28 AM
Updated 05/05/2022, 10:54 AM
© Reuters. Biden Administration to Lay Out Plans to Refill U.S. Oil Reserve

(Bloomberg) -- The Biden administration is announcing a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve, according to a person familiar with the matter. 

The Energy Department will start the buyback process with a call for bids for 60 million barrels this fall, though the actual purchases won’t take place until sometime in the future, according to the person. 

President Joe Biden in March ordered the release of a historic 180 million barrels --a million barrels of oil a day for six months -- in an effort to tame oil and gas prices that have skyrocketed after Russia invaded Ukraine. 

 

 

Latest comments

It will cost more by the tome we buy it back, just like we all knew….
I don't know how us people choose this devil president Biden
Come on. He was chosen by machine. U know
The people wouldn't have chosen Biden if they had chosen a better potus than Trump in 2016.
possibly true, only problem is there are almost certainly no good choices. Possibly one or two, but even they may turn out to be bad choices
releasing reserve OIL go high (reverse effect) now they are purchasing it might go higher again...simple solution approve all permits on drilling like trump did...simple law of supply and demand...boost production more supply price go down...biden is useless
Number of US drilling rigs AND US production of gas/crude are at high since end of Trump's term.
this man is responsible for whole world inflation..firstly he come up with the policies to hamper crude oil production and then though his efforts of instigating Russia and Ukraine, we r inching towards world war.
this man is responsible for whole world inflation..firstly he come up with the policies to hamper crude oil production and then though his efforts of inatigating Russia and Ukraine, we r inching towards world war.
instigating
hahahahaha how intelligent
hahaha, Sell 100$ oil and buy it again to 130$. They are democracts...
they just print more paper and call it money easy
Biden has no plan other than to follow Obama's orders and destroy America.
Triggered much?
the Oil should ONLY be from US Suppliers at Volume Discount!
why should the US suppliers sell at a discount to govt when they can sell at market at fair price?
because they can always invade Iraq again and get free oil
My goal is to grow my portfolio to a million worth so I always look forward to these stocks videos to capitalize on any window of opportunity
My financial consultant Wray Thomas Cooper Jr, I watched his interview online where he was featured and reached out to him afterwards, He has been of immense help to my portfolio since then.
Robbing Peter to pay Paul: oil policy edition.
Replace cheap with expensive, typical liberal move
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.