Government holds off on latest purchase to refill Strategic Petroleum Reserve


Efforts by the Biden administration to refill the nation’s Strategic Petroleum Reserve after the President used it to lower gasoline prices two years ago were delayed this week.

The administration’s Energy Department said it was not moving forward to buy oil amid rising prices. It said it was doing so and “keeping the taxpayer’s interest at the forefront.”

Biden’s sale of SPR oil drew heavy criticism at the time from Oklahoma’s congressional delegation.

Plans originally called for the acquisition of 3 million barrels of oil for a Strategic Petroleum Reserve site in Louisiana, reported Bloomberg.

“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” the department said. “We will continue to monitor market dynamics.”

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