A day after we reported that the Biden administration withdrew a record amount from the US Strategic Petroleum Reserve plunging it to its lowest since 1982, Bloomberg reports that, according to people familiar with the matter, the US may begin refilling its emergency oil reserve when crude prices fall to around $80 a barrel.

The sources said that Biden administration officials are weighing the timing of such a move, with an eye toward protecting US oil-production growth and preventing crude prices from plummeting (in an effort to reassure oil producers that the administration won't let prices collapse).