US to Buy 3 Million Barrels of Oil , to Replenish Emergency Reserve.<br />The Department of Energy made the announcement on May 15, Reuters reports.<br />It has requested that offers be presented <br />by May 31 for an August delivery. .<br />Last year, the Biden administration sold <br />180 million barrels, the largest amount ever from the Strategic Petroleum Reserve.<br />Inventory sank to the lowest amount since 1983, about 372 million barrels.<br />The sale was made in an attempt to stabilize oil markets and fight high gas prices.<br />The sale was made in an attempt to stabilize oil markets and fight high gas prices.<br />Republicans criticized the decision, claiming it left America with too little to navigate a future crisis. .<br />The Biden administration said it would repurchase oil when prices remained <br />near or below $67 to $72 a barrel.<br />This way, taxpayers would reportedly benefit since the barrels were sold for a much higher price.<br />On May 15, crude prices were about <br />$71 per barrel, Reuters reports
