The U.S. Department of Energy is planning to purchase up to 3 million barrels of crude oil for delivery in January 2024 to replenish the country's Strategic Petroleum Reserve (SPR). This move is part of the Biden-Harris Administration's three-part plan to replenish the SPR following its historic release to address global supply disruptions caused by Russia's invasion of Ukraine. The plan aims to repurchase crude oil at a price lower than the average $95 per barrel it was sold for in 2022, in an effort to provide the best deal for taxpayers and strengthen energy security. This repurchase strategy includes direct purchases with revenues from emergency sales, exchange returns with a premium to volume delivered, and securing legislative solutions to maintain strategic volume. The SPR, the world's largest emergency crude oil supply, is stored in underground salt caverns in Texas and Louisiana. The purchase is intended to maintain operational readiness and protect the nation's energy security.