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US authorities are now conducting large commodity interventions at the expense of strategic reserves in an attempt to bring down fuel prices rising on the back of anti-Russian sanctions.
"The administration of (US President Joe) Biden plans to collect bids this autumn to buy 60 million barrels of crude oil as the first step in a multi-year process designed to replenish America's dwindling... reserves," reports CNN.
The US Department of Energy will unveil a long-term oil purchase plan as early as Thursday, it said.
After rejecting oil imports from Russia, Biden announced the release of 180 million barrels from strategic reserves - one million a day for six months.
source: cnn.com
"The administration of (US President Joe) Biden plans to collect bids this autumn to buy 60 million barrels of crude oil as the first step in a multi-year process designed to replenish America's dwindling... reserves," reports CNN.
The US Department of Energy will unveil a long-term oil purchase plan as early as Thursday, it said.
After rejecting oil imports from Russia, Biden announced the release of 180 million barrels from strategic reserves - one million a day for six months.
source: cnn.com
