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Biden Pitches Plan to Refill Oil Reserves, but Producers Are Skeptical
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wsj.comAfter releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity.
The pitch is likely to be a hard sell for many domestic producers, say industry executives and analysts. “It’s a little bit more [complex] than this,” said Olivier Le Peuch, chief executive of oil-field services company Schlumberger Ltd.
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