High Oil Prices Halt Biden's Plan to Replenish Strategic Reserve The Biden administration has decided against proceeding with its plan to replenish the Strategic Petroleum Reserve (SPR) due to the current high oil prices. This decision was influenced by the desire to prioritize taxpayer interests, particularly in not purchasing up to 3 million barrels of oil for the Louisiana SPR site as previously planned for August and September. This change of course comes as oil prices have surged, with the US benchmark West Texas Intermediate exceeding $85 a barrel for the first time since October. Despite aiming to buy oil at or below $79 a barrel to refill the reserve, the administration’s most recent acquisition cost an average of about $81 per barrel. The Energy Department stated it would delay further purchases, waiting for more favorable market conditions, and continue to monitor the situation closely. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Fed's Hesitation on Rate Cuts Risks Economic Stability, Experts Warn READ MORE VanEck CEO Bullish on Bitcoin and Gold Amid Global Economic Shifts READ MORE Bonds Rally, Stocks Dip Following First Presidential Face-Off READ MORE "Quietest All-Time High For Gold Ever…But Get Ready" – Mike Maloney READ MORE Gold Demand Hits Q2 Record Despite Consumer Pullback READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment