U.S. Signals No Interest To Replenish Its Strategic Oil Reserves

Bloomberg: US Rejects Another Round of Offers to Replenish Oil Stockpile 

The Biden administration is again delaying a replenishment of the nation’s emergency oil reserve because of market conditions, according to people familiar with the matter. The decision comes as oil prices have rallied above $80 a barrel. 

The Department of Energy is not taking up offers it got for a potential purchase, said the people, who asked not to be identified as details of the process haven’t been published. The administration rejected offers in January. 

“The DOE remains committed to its replenishment strategy for the SPR, including direct purchases when we can secure a good deal for taxpayers; exchange returns; and cancellation of planned sales where drawdown is unnecessary, in coordination with Congress,” Energy Department Deputy Chief of Staff Bridget Bartol said.  

Read more ....  

WNU Editor: They did warn us a few weeks ago this was going to happen .... Energy Secretary vows to refill emergency oil stockpile — but warns that won’t happen before a second Biden term (CNN). 

I for one would not be surprised if the Biden administration will release the last of America's strategic petroleum reserves in the months leading to next year's elections in order to keep prices down.

U.S. Signals No Interest To Replenish Its Strategic Petroleum Reserves  

US pulls back offer to buy 6 million barrels of oil for emergency reserve -- Reuters  

U.S. Withdraws Offer To Buy 6 Million Barrels Of Oil For The SPR -- OilPrice.com 

Biden Admin Gives Up On Refilling Strategic Petroleum Reserve Due To "Market Conditions" -- Zero Hedge

from War News Updates https://ift.tt/oO6R3qM