Biden Administration Cancels Oil Purchase for Strategic Petroleum Reserve

📆 04.04.2024 2:09:00
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Energy Новости

Biden Administration,Oil Purchase,Strategic Petroleum Reserve

The Biden administration has decided to cancel plans to purchase oil for the Strategic Petroleum Reserve, citing prioritizing the taxpayer. The Energy Department will not award current solicitations for the Bayou Choctaw SPR site and will monitor market dynamics. In 2023, the department purchased nine million barrels at an average price of $75 to reduce government spending.

The Biden administration reversed plans to purchase oil for the Strategic Petroleum Reserve, citing prioritizing the taxpayer. The Energy Department will not award current solicitations for the Bayou Choctaw SPR site and will monitor market dynamics.

In 2023, the department purchased nine million barrels at an average price of $75 to reduce government spending.

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