The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices.
During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of $70 per barrel. He did not say how long prices will have to remain at that level before the government initiates its repurchasing plan.
In an earlier interview with CNBC this month, Hochstein had said that restocking the SPR will begin when prices “start reaching toward” $70 per barrel and admitted that the administration would also consider buying WTI crude in the price range of $72–73 per barrel….