Biden Administration Abruptly Stops Replenishing Strategic Petroleum Reserve

As the Department of Energy tries to keep” the taxpayer’s interest at the forefront,” the Biden administration abruptly stopped refilling the nation’s Strategic Petroleum Reserve ( SPR ). The most recent decision comes as world marketplace tensions and geopolitical tensions have caused crude oil prices to rise.
The Energy Department’s Office of Petroleum Reserves made the announcement last month that it would be requesting around three million barrels of crude oil for delivery to its Louisiana Bayou Choctaw page in August and September. This is one of the president’s four major SPR storage sites.
However, the U.S. government abruptly reversed the decision and stated that it would” seek obtainable capacity as market conditions permit and not honor the current requests for the Bayou Choctaw SPR page.” We may continue to monitor market interactions”….

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