Biden Administration Halts Plans to Refill Strategic Petroleum Reserve

Cancellation comes amid rising oil prices, leaving the reserve at historically low levels.

The Biden administration cancels its plan to purchase up to three million barrels of oil to refill the Strategic Petroleum Reserve (SPR), citing increasing oil prices.
The SPR, crucial for national security, currently holds 363 million barrels of oil, marking a 43% depletion since January 2021.
The Department of Energy had aimed to purchase oil at $79 per barrel or lower but faced market prices exceeding this target.
Critics argue the administration's energy policies have left the U.S. more vulnerable to supply shocks and increased consumer costs.
Despite the cancellation, the DOE remains committed to refilling the SPR as market conditions allow, with previous purchases aimed at replenishing the reserve.