Biden administration cancels purchase for Strategic Petroleum Reserve, citing high prices

Biden administration cancels purchase for Strategic Petroleum Reserve, citing high prices


The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.

In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel.

Prices for global benchmark Brent crude and U.S.-based West Texas Intermediate soared well higher Tuesday, with Brent prices nearing $90 per barrel and WTI climbing slightly above $85 per barrel, amid worries about supply from Russia and producers in the Middle East.

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