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Strategic oil release comes with guaranteed buybacks, but will anyone do the drilling?

by Andy Uhler

Oct 20, 2022

Oil companies have been hampered by labor and capital costs and $70 a barrel may not be enough to lure them.

The White House plans to buy oil to refill the strategic petroleum reserve at roughly $70 per barrel — a break-even point for most on-shore U.S. oil producers.

Frederic J. Brown/AFP via Getty Images

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