The Energy Department declared that it would start to repurchase crude oil at a lower price than the $96 per barrel average price that barrels were previously sold for to secure a “good deal” for the taxpayer, according to an official press release. However, the White House said in October that the department would buy oil back once the average price of oil reached $67 to $72 a barrel, touting the plan as a “win for taxpayers.”
The price of Brent crude oil, the leading global crude price benchmark, closed at $81.21 per barrel on Thursday, accordingto Business Insider.
President Joe Biden began draining the SPR in March to bring down gas prices after energy shortages became exacerbated by Russia’s invasion of Ukraine. The nation’s emergency oil reserves are currently at their lowest level since 1984 and although gas prices have been falling since late November, the price of a gallon of gasoline is still 86 cents higher than it was when Biden was sworn into office, according to the Energy Information Administration. – READ MORE