Crude oil for the Strategic Petroleum Reserve (SPR) is expected to be repurchased at a lower price than the $96/bbl average it was sold for this year, according to the Biden administration.

The Department of Energy’s (DOE) Office of Petroleum Reserves said repurchasing the oil would be “an opportunity to secure a good deal for American taxpayers…as well as to strengthen energy security.”

The administration earlier this year ordered 180 million bbl to be sold from the SPR, with the final 15 million bbl pulled in October.

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President Biden in October said he planned to replenish the SPR using “updated...