Biden Puts Oil Purchase for Emergency Stockpile on Hold Due to High Prices

• Biden administration cancels plans to purchase 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), citing current high prices • Cancellation is to keep "taxpayer's interest at the forefront" of SPR refill plan when prices are below $79/barrel • SPR levels remain historically low after Biden released 180 million barrels in March 2022 to stabilize energy costs amid Russia's invasion of Ukraine • Delay risks putting administration off track from promise to fully replenish SPR by end of 2023 • Energy Department says it will continue monitoring market conditions for future SPR purchases as it aims to refill reserves