The Biden administration is delaying plans to restock the nation's emergency oil reserve amid a price hike that has pushed oil above US$80 a barrel.
The Energy Department canceled a planned purchase of 6 million barrels for the strategic reserve this week, saying it wants to secure a good deal for taxpayers.
Officials also will use targeted exchange returns and cancellation of planned oil sales "where drawdown is unnecessary, in coordination with Congress," Bartol said. The Energy Department began refilling the reserve earlier this year, purchasing 6.3 million barrels and canceling 140 million barrels in congressionally mandated sales that were set to occur in the next three years. Congress approved the sales cancellations in a spending bill last December.
Gasoline prices, meanwhile, have risen to about US$3.80 per gallon, up from US$3.53 per gallon in mid-May, according to the AAA auto club. Prices peaked at just over US$5 per gallon in June 2022.
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