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.
Subscribe to 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.
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Houthis vow retaliation amid US airstrikesSpeed Read Trump promises the US will use 'overwhelming lethal force' against the Houthis until they stop attacking Red Sea ships
-
Pakistan train hostage standoff ends in bloodshedSpeed Read Pakistan's military stormed a train hijacked by separatist militants, killing 33 attackers and rescuing hundreds of hostages
-
Ukrainian election: who could replace Zelenskyy?The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
-
Why Serbian protesters set off smoke bombs in parliamentTHE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
-
Arab leaders embrace Egypt's Gaza rebuilding planSpeed Read The $53 billion proposal would rebuild Gaza without displacing Palestinian residents
-
Germany's conservatives win power amid far-right gainsSpeed Read The party led by Friedrich Merz won the country's national election; the primary voter issues were the economy and immigration
-
Ukraine goes all out to woo young people into the armyUnder The Radar New recruitment drive offers perks as morale and numbers fall
