Biden administration willing to pay nearly $80 a barrel to refill nation’s emergency reserve


The Biden administration stated it is willing to pay nearly $80 a barrel for crude oil as it struggles to refill the nation’s Petroleum Strategic Reserve, the one depleted as the President used oil as a political pawn to bring down gasoline prices two years ago.

Bloomberg reported the new price was revealed in a government filing this week.

U.S. prices are less than $80 a barrel. On Wednesday, West Texas Intermediate crude rose 61 cents or 0.8% and closed at $78.99 a barrel on the New York Mercantile Exchange. The closing price was exactly a dollar less than what the Biden administration indicated it was willing to pay.

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