(Bloomberg) — The Biden administration is announcing a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve, according to a person familiar with the matter. 

The Energy Department will start the buyback process with a call for bids for 60 million barrels this fall, though the actual purchases won’t take place until sometime in the future, according to the person. 

In March, President Joe Biden ordered the release and re-export of 180 million barrels – a million barrels per day for six month — to help control rising oil prices after Russia’s invasion of Ukraine.