Biden Admin Again Cancels Plans To Refill Oil Reserve

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Free Beacon

The Biden administration on Tuesday again canceled plans to refill the Strategic Petroleum Reserve after selling off nearly half of the U.S. oil reserve in 2022. 

The Department of Energy said that in "keeping the taxpayer’s interest at the forefront" it would not go through with a planned purchase of roughly three million barrels of oil for a reserve site in Louisiana. "We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow. We will continue to monitor market dynamics," the department said, according to Bloomberg. 

The refill cancellation came as American oil price benchmark West Texas Intermediate on Tuesday rose above $85 a barrel, about $6 more than the administration’s target price for purchasing oil to refill the reserves. "Domestic crude prices are likely to remain too high for the remainder of the year for DOE to resume its refilling program," Bob McNally, president of consulting firm Rapidan Energy Group, told Bloomberg.