Biden Admin Cancels Oil Order To Replenish Strategic Petroleum Reserve

The Biden administration has canceled an offer to buy 6 million barrels of oil to replenish America's Strategic Petroleum Reserve (SPR), multiple outlets have reported.

Last year, President Biden drew criticism when he sold off 180 million barrels of oil from the SPR, resulting in a near 4-decade reserve low, which he claimed helped to "stabilize crude oil markets and reduce prices at the pump."

This July, the Department of Energy (DOE) announced a buyback plan to replenish the reserve. One of those acquisition orders, however, has been canceled amid rising oil costs, according to Reuters.


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