The Department of Energy (DOE) announced Friday it will purchase 3 million barrels of oil to replenish the supply it depleted from the Strategic Petroleum Reserve in a bid to lower gas prices. The department said it will purchase the oil for less than the $96 per barrel it sold its supply for. Three million barrels, only 15 percent of daily U.S. demand, is a drop in the bucket of the 180 million DOE has depleted the reserve of since March. The deal is part of a fixed-price plan that allows refiners to sell oil to the SPR at a stable rate and avoid selling at the volatile oil market's rate on any given day.
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