WASHINGTON (AP) — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a…
Activate your Online Access Now“The DOE remains committed to its replenishment strategy for the SPR, including direct purchases when we can secure a good deal for taxpayers,” Energy Department Deputy Chief of Staff Bridget Bartol said in a statement, using a nickname for the Strategic Petroleum Reserve, the official name for the emergency stockpile.
Biden withdrew 180 million barrels from the strategic reserve starting in March 2022, bringing the stockpile to its lowest level since the 1980s. 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.Article content
Gasoline prices, meanwhile, have risen to about $3.80 per gallon, up from $3.53 per gallon in mid-May, according to the AAA auto club. Prices peaked at just over $5 per gallon in June 2022.
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