The Energy Department announced that it will purchase up to 3 million barrels of oil as part of an effort to replenish the Strategic Petroleum Reserve.
The administration is looking for oil to refill the Big Hill strategic reserve site in Texas.
The Energy Department, in a statement, also said that it also plans to buy more oil at an unspecified date later this year.
The announcement comes after the administration drew down a significant portion of its spare oil last year amid price spikes caused by Russia’s invasion of Ukraine.
The Biden administration announced last March it would release 1 million barrels a day over the following six months — for a total 180 million barrel draw down.