The Biden Administration has announced it intends to purchase up to 3 million barrels of oil deliverable in February to begin the replacement of the nearly 180 million barrels it has removed from the Strategic Petroleum Reserve (SPR) . Oil prices are at a 15-month low amid fears of a looming recession. Despite the small step forward in refilling the SPR, a senior Department of Energy official said the move doesn’t preclude any future emergency releases.
