WASHINGTON, D.C. (KERO) — The White House has a buy-back plan to replenish the country's emergency oil reserve.
Thursday the Energy Department announced a plan where the government would seek bids to buy 60 million barrels of crude oil. It would be the first time since the early 2000s that the Energy Department has acquired large quantities of oil for the strategic petroleum reserve.
The stockpile has been drained by the war in Ukraine and sales mandated by congress to raise revenue.
It's not a quick fix though. The process will take years. And 60 million barrels will only refill about one-third of what was released.
But it's not just about refilling. The Biden Administration hopes the buyback plan will encourage domestic oil production by guaranteeing a source for future demand.