The U.S. has canceled
the purchase of about 3 million barrels of oil for the Strategic
Petroleum Reserve due to rising prices, slowing down the pace of
replenishment after a historic sale from the. -April 03, 2024 at 11:55 am EDT
- MarketScreener
Surging crude prices have forced the Biden administration to postpone the refilling of the US oil reserve, with the Energy Department reportedly saying on Wednesday that it will not pursue a 3-million barrel purchase in “taxpayers interest” and analysts adding that the situation would likely continue.
By Anthony Harrup The U.S. Department of Energy canceled its latest planned purchase of oil to replenish the Strategic Petroleum Reserve after prices rose above the level the government.