The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to refill it at lower oil prices if it’s advantageous to taxpayers during the rest of the year, U.S. Energy Secretary Jennifer Granholm said on Wednesday.

The administration intended to repurchase crude oil for the SPR when prices were at or below about $67-$72 a barrel, after last year’s 180 million barrel sale drove the level of the stockpile to its lowest since 1983, the White House said in October. Biden conducted the sale to relieve oil prices that shot up after Russia invaded Ukraine.
Source: Reuters (Reporting by Stephanie Kelly and Laura Sanicola)