USA expands oil reserves by millions of barrels

The government under President Joe Biden announced on Monday that it has acquired 4.65 million barrels of crude oil for the nation's strategic petroleum reserve. This purchase marks another step in the gradual replenishment of the heavily tapped stockpile. The Department of Energy continues to work on restocking the national reserve after a historic drawdown caused by the release of crude oil following the Russian invasion of Ukraine. In 2022, the Biden administration ordered a record release of 180 million barrels from the strategic reserve. This move was a response to the sharply rising gasoline prices at retail outlets at the time.