The Briefing Room
General Category => Economy/Business => Topic started by: rangerrebew on April 05, 2024, 11:03:27 am
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Biden administration changes mind on SPR strategy
© Chip Somodevilla / Getty Images
The Department of Energy (DOE) unexpectedly axed plans to refill its “oil piggy bank” in August and September due to surging oil prices.
The DOE previously announced in March that it was soliciting 3 million barrels of oil for its Bayou Choctaw site in Louisiana — one of four major storage facilities for the Strategic Petroleum Reserve (SPR).
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The SPR is the world's largest supply of emergency crude oil and was established back in 1975 in case of a severe oil supply crisis or economic disruption.
"We monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset," said DOE spokesperson Charisma Troiano, noting the energy department is keeping “the taxpayer’s interest at the forefront.”
https://www.msn.com/en-us/money/markets/president-biden-just-canceled-plans-to-refill-america-s-emergency-oil-reserve-here-s-why-and-what-it-means-for-you/ar-BB1l5sqk?ocid=msedgdhp&pc=HCTS&cvid=70b9f26f6f604eeea34ca6c41867fd57&ei=31
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Biden somehow seems to feel his "roaring economy" makes Americans impervious to the effect of high oil prices.