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The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.
In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel.
Prices for global benchmark Brent crude and U.S.-based West Texas Intermediate soared well higher Tuesday, with Brent prices nearing $90 per barrel and WTI climbing slightly above $85 per barrel, amid worries about supply from Russia and producers in the Middle East.
The purchase of Bayou Choctaw by Energy Department officials was initially announced last month, with plans to acquire up to 3 million barrels of oil. However, that decision is now set to be reversed.
“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” DOE officials said.
Remember when @TheDemocrats & @POTUS said no problem using reserve?
“When DOE first announced the Bayou Choctaw refill plan last month…oil priced at $79 per barrel or below. Since then, oil prices have increased…hitting $85.71 earlier on Wednesday.” https://t.co/AcPwj3ibpC
— DFC (@twifan_nana) April 3, 2024
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