Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Commodities May 05, 2022 10:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© 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. 

 

 

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

Related Articles

Oil rises as tight supply trumps recession fears
Oil rises as tight supply trumps recession fears By Reuters - Jul 04, 2022 18

By Noah Browning LONDON (Reuters) -Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (14)
Andrew Ulferts
Andrew Ulferts May 05, 2022 12:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It will cost more by the tome we buy it back, just like we all knew….
Bhagwan Dass
Bhagwan Dass May 05, 2022 12:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I don't know how us people choose this devil president Biden
Liam LL
Liam LL May 05, 2022 12:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Come on. He was chosen by machine. U know
First Last
First Last May 05, 2022 12:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The people wouldn't have chosen Biden if they had chosen a better potus than Trump in 2016.
Andrew Allen
Andrew Allen May 05, 2022 12:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
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
Lucky Man
Lucky Man May 05, 2022 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
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
First Last
First Last May 05, 2022 11:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Number of US drilling rigs AND US production of gas/crude are at high since end of Trump's term.
Manish Manish
Manish Manish May 05, 2022 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
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.
Manish Manish
Manish Manish May 05, 2022 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
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.
Manish Manish
Manish Manish May 05, 2022 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
instigating
Mark Jannetty
Mark Jannetty May 05, 2022 11:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
easy fix. pipeline and drill. side effect, it fixes inflation slowly but does fix it
First Last
First Last May 05, 2022 11:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Number of US drilling rigs is at high since end of Trump's term.
Jam Tha
Jam Tha May 05, 2022 11:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hahahahaha how intelligent
Crypto Current
Crypto Current May 05, 2022 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hahaha, Sell 100$ oil and buy it again to 130$. They are democracts...
Loh Kenneth
Loh Kenneth May 05, 2022 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
they just print more paper and call it money easy
William Smith
William Smith May 05, 2022 11:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Biden has no plan other than to follow Obama's orders and destroy America.
Benjamin USA
Benjamin USA May 05, 2022 11:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Triggered much?
Mike Harms
Mike Harms May 05, 2022 11:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the Oil should ONLY be from US Suppliers at Volume Discount!
akljsdf askldf
akljsdf askldf May 05, 2022 11:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why should the US suppliers sell at a discount to govt when they can sell at market at fair price?
Loh Kenneth
Loh Kenneth May 05, 2022 11:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
because they can always invade Iraq again and get free oil
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email