Just last week Oklahoma Congressman Tom Cole was critical of the Biden administration for depleting the nation’s Strategic Petroleum Reserve to a dangerous low level that it put the nation’s security at risk.
This week, the administration announced it intends to buy 1.2 million barrels of oil to replenish the very reserve it used last year to lower gasoline prices. The Energy Department announced Monday it will buy the oil at an average price of $77.57 a barrel from two companies after 18 bids were submitted, reported Reuters.
Last year’s sale of oil from the reserve, a move that sparked heavy criticism from Oklahoma lawmakers, involved the laregest ever sale of 180 million barrels.
The Energy Department also stated last month it will buy 3 million barrels for delivery in December, plus another 3 million for January at a higher price.
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