The U.S. is seeking to buy up to 6 million barrels of oil for delivery through May next year to replenish the Strategic Petroleum Reserve (SPR). The SPR was created in 1975 as the world's largest emergency oil stash. In 2022, the Biden administration sold 180 million barrels of oil, the largest SPR sale to date, to lower gasoline prices. The administration wants to buy back oil at $79 to $79.99 or less. So far, more than 50 million barrels of domestic oil have been bought back at an average price of $76 a barrel. The reserve currently holds 380 million barrels, and efforts are being made to return oil to the reserve through various strategies.