Biden plans to renegotiate SPR when oil prices fall below $72

The White House has released a fact sheet that establishes its intention to replenish the Strategic Petroleum Reserve.

When oil prices are between $67 and $72.

Let us tell you that in the spring, President Biden ordered the release of 180 million barrels of crude oil from the SPR,

This is a move that has helped bring down the price of oil.

Let us tell you that the White House believes that both protect taxpayers for repurchasing crude oil.

They also help in creating certainty about the future demand for crude oil.

Let us tell you that the White House said in a fact sheet that

When their prices fall between $ 67 to $ 72 per barrel, then

The Biden administration will begin buying crude to replenish strategic petroleum reserves.