The U.S. Energy Department announced plans to buy 1 million barrels of crude oil to begin refilling the nation’s emergency oil reserves drawn down by the Biden administration.
Officials released a solicitation to buy the crude for its Bryan Mound site near Freeport, Texas, taking advantage of low oil prices.
Funding for the purchase was included in the Working Families Tax Cut signed by President Donald Trump earlier this year, which appropriated $171 million to begin refilling the reserve, according to the Energy Department.
“After the previous administration recklessly drained the [strategic petroleum reserve] for political purposes, President Trump promised to refill and manage this national security asset more responsibly,” Energy Secretary Chris Wright said in a statement. “While this process won’t be complete overnight, these actions are an important step in strengthening our energy security and reversing the costly and irresponsible energy policies of the last administration.”…