Biden administration to purchase 3 million barrels of oil for emergency stockpile.

The Biden administration plans to purchase 3 million barrels of crude oil to begin replenishing America's depleted emergency oil stockpile, the Strategic Petroleum Reserve. The reserve held 638 million barrels when Biden took office, but it is now down to 362 million barrels, the lowest level since October 1983. The purchase is part of an effort to replenish reserves at a "good deal" for taxpayers, with prices currently trading around $71 a barrel.