The Biden administration on Wednesday awarded contracts to buy 2.8 million barrels of oil for the government’s emergency reserve for more than $81 a barrel, $2 above the target purchase price. The Department of Energy (DOE) said it will spent $225.6 million to buy oil to refill the Strategic Petroleum Reserve (SPR) from Atlantic Trading & Marketing, Macquarie Commodities, and Sunoco Partners Marketing & Terminals. The oil is set to be delivered in September. The price is about $81.32 a barrel, based on the DOE announcement. The energy department has previously said it aims to purchase at a price of $79 per barrel ... (full story)