Posted 4/3/2024, 5:20:00 PM
Biden Pauses Plan to Refill Strategic Oil Reserve as Prices Climb
- Biden administration cancels plan to purchase 3 million barrels of oil to refill Strategic Petroleum Reserve (SPR) amid high prices
- SPR currently contains 363.6 million barrels, a 43% decline since Biden took office
- Biden began depleting SPR in 2021 to combat high fuel prices
- Energy Department says it remains committed to refilling SPR but is pulling back latest oil purchase plan due to rising prices
- Critics say Biden's SPR withdrawals and policies cutting domestic oil production have left reserve vulnerable and driven up costs
