Biden’s Billion-Dollar Oil Trade Faces a Big Test

Washington awaits bids to refill crude reserves with modified price proposal

After authorizing the largest release ever from the U.S. emergency Strategic Petroleum Reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work. Illustration: Ali Larkin

The U.S. government’s attempt to refill the skyscraper-sized caverns that hold the country’s emergency oil reserves is coming with a crash course in energy markets: How to think more like a trader. 

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