Biden administration launches plan to replenish U.S. oil reserves
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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Oil reserves were already "sitting at 20-year lows, largely because of congressionally-mandated sales" that came before Biden's record-setting promise.
"As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most," said Energy Secretary Jennifer Granholm.
The White House also hopes its plan will bolster domestic oil production by "guaranteeing a source of future demand," CNN writes.
-
5 highly hypocritical cartoons about the Second AmendmentCartoons Artists take on Kyle Rittenhouse, the blame game, and more
-
‘Ghost students’ are stealing millions in student aidIn the Spotlight AI has enabled the scam to spread into community colleges around the country
-
A running list of everything Donald Trump’s administration, including the president, has said about his healthIn Depth Some in the White House have claimed Trump has near-superhuman abilities
-
EU and India clinch trade pact amid US tariff warSpeed Read The agreement will slash tariffs on most goods over the next decade
-
Israel retrieves final hostage’s body from GazaSpeed Read The 24-year-old police officer was killed during the initial Hamas attack
-
China’s Xi targets top general in growing purgeSpeed Read Zhang Youxia is being investigated over ‘grave violations’ of the law
-
Ukraine, US and Russia: do rare trilateral talks mean peace is possible?Rush to meet signals potential agreement but scepticism of Russian motives remain
-
Panama and Canada are negotiating over a crucial copper mineIn the Spotlight Panama is set to make a final decision on the mine this summer
-
The rise of the spymaster: a ‘tectonic shift’ in Ukraine’s politicsIn the Spotlight President Zelenskyy’s new chief of staff, former head of military intelligence Kyrylo Budanov, is widely viewed as a potential successor
-
Why Greenland’s natural resources are nearly impossible to mineThe Explainer The country’s natural landscape makes the task extremely difficult
-
Iran cuts internet as protests escalateSpeed Reada Government buildings across the country have been set on fire
