Energy Department takes step toward refilling SPR

The administration is looking for oil to refill the Big Hill strategic reserve site in Texas. 

The Energy Department, in a statement, also said that it also plans to buy more oil at an unspecified date later this year. 

The announcement comes after the administration drew down a significant portion of its spare oil last year amid price spikes caused by Russia’s invasion of Ukraine. 

The Biden administration announced last March it would release 1 million barrels a day over the following six months — for a total 180 million barrel draw down. 

Read more in a full report at TheHill.com.