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Investing.com -- The Trump administration plans to purchase 1 million barrels of oil for the U.S. Strategic Petroleum Reserve, taking advantage of current low oil prices to begin replenishing the depleted stockpile.
The Energy Department will announce Tuesday its intention to seek oil for delivery in December and January, according to a report from Bloomberg News, citing an agency official. The purchase will utilize a portion of the $171 million allocated for crude purchases under President Donald Trump’s tax and spending law.
This acquisition represents an initial step toward refilling the strategic reserve, which has been drawn down in recent years. The administration is strategically timing the purchase to benefit from favorable market conditions as it works to restore the nation’s emergency oil supplies.
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