Biden Administration Cancels Oil Reserve Purchase Amid Rising Prices

The Biden administration has decided to forgo its plan to buy oil for the Strategic Petroleum Reserve in light of escalating prices. The Energy Department emphasized its commitment to safeguarding the taxpayer's interest by halting the purchase of up to 3 million barrels of oil for a reserve site in Louisiana. Originally announced in mid-March, the plan, which was intended for delivery in August and September, has now been abandoned. This move comes amidst mounting concerns over heightened oil prices.