US will buy 3 million more barrels of oil for emergency reserve

The Energy Department announced Friday it planned to purchase 3 million more barrels of crude oil for the Strategic Petroleum Reserve.

A previous solicitation for 3 million barrels resulted in contracts awarded to five companies, with the oil being purchased for an average price of about $73 per barrel, according to a DOE statement.

The department said contracts for the new solicitation of sour crude oil would be awarded by June 30.

The move marks the agency’s attempts to begin replenishing the emergency reserve after it released more than 200 million barrels last year, in part to curb high energy prices.