The Biden administration passed on an opportunity to buy oil to replenish the strategic petroleum reserve (SPR) on Tuesday, citing high prices.
The Department of Energy (DOE) decided against purchasing up to 3 million barrels to replenish the SPR, which President Joe Biden drained ahead of the 2022 midterm elections as soaring gas prices caused a political headache for Biden and his fellow Democrats, the Daily Caller News Foundation confirmed. Oil prices ticked above $85 per barrel Tuesday for the first time since October 2023, putting would-be refill purchases well above the administration’s stated target price of $79 per barrel.
