The Biden administration on Thursday announced a plan to replenish the country's emergency oil reserves after President Biden promised to offset energy costs by releasing 180 million barrels over six months, CNN reports.
The administration will seek bids to buy 60 million barrels of crude oil from companies this coming fall, "the first step in a years-long" replenishment process, CNN writes. Officials want the plan to convey how serious they are about refilling the nation's Strategic Petroleum Reserve, the largest emergency supply of oil in the world.
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