Legal Insurrection by Mary Chastain Wednesday, April 3, 2024
The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s.President Joe Biden’s administration dropped its plan to buy oil to refill the Strategic Petroleum Reserve (SPR) due to rising oil prices.
The oil would have gone to Louisiana’s Bayou Choctaw SPR site in August and September.
The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s.
The emergency supply holds 600 million barrels. The supply is at 363 million barrels.
Then again, the administration planned only to buy three million barrels. It’s still better than nothing, though:
The Energy Department has been slowly refilling the emergency oil supply after it reached a 40-year-low following the administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine. It currently holds about 363 million barrels, according to Energy Department data, down from almost 600 million at the start of 2022.
More:
https://legalinsurrection.com/2024/04/u-s-wont-buy-oil-to-refill-strategic-petroleum-reserve/