With Strategic Petroleum Reserve at Historic Lows, Biden Cancels Replenishment Order
After drastically depleting the nation’s Strategic Petroleum Reserve to buy votes during the midterm election, President Joe Biden’s Department of Energy has announced it will not purchase up to 3 million barrels of oil from a site in Louisiana in August and September, as originally intended.
“Keeping the taxpayer’s interest at the forefront, we will not award for the Bayou Choctaw SPR site in August and September and will continue to solicit available capacity as market conditions allow,” a department spokesperson said according to S&P Global.
“As always, we monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset.”
Reportedly, the current oil prices are scaring away the DOE from purchasing,
