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Biden's Oil Return for Fuel Control
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Overview
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Biden administration cautiously returns oil to Strategic Petroleum Reserve (SPR) to control fuel prices, with 354.4 million barrels currently held, nearly 60% of which is sour crude. The administration aims to buy back oil at a price of $79 a barrel or less, with a buyback fund of about $3.67 billion.
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How might the Biden administration's cautious approach to returning oil to the SPR impact global oil markets?
In what ways could the Biden administration's efforts to control fuel prices influence international oil trade and relations?
What are the potential implications of the Biden administration's buyback strategy for domestic oil production and consumption?
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