{"id":1988616,"date":"2023-08-02T11:38:01","date_gmt":"2023-08-02T15:38:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-cancels-offer-for-6m-barrels-to-refill-strategic-petroleum-reserve\/"},"modified":"2023-08-02T11:39:52","modified_gmt":"2023-08-02T15:39:52","slug":"biden-administration-cancels-offer-for-6m-barrels-to-refill-strategic-petroleum-reserve","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-cancels-offer-for-6m-barrels-to-refill-strategic-petroleum-reserve\/","title":{"rendered":"Biden cancels 6M barrel offer for Strategic Petroleum Reserve refill."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-administration-cancels-offer-for-6m-barrels-to-refill-strategic-petroleum-reserve%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1988616&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration Cancels Planned Oil Purchase, Leaving Emergency Stockpile at Lowest Level \u2062in 40 Years<\/h2>\n<p>The Biden administration has\u200d announced the cancellation of its planned purchase of 6 million barrels of oil to refill \u2062the Strategic\u200b Petroleum Reserve. This decision has left the nation&#8217;s emergency stockpile at its lowest\u2062 level in 40 years, as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-launches-largest-air-assault-of-ukraine-invasion\/\" title=\"Russia Launches Largest Air Assault of Ukraine Invasion\">oil prices continue<\/a>\u2063 to rise.<\/p>\n<p>The Department of Energy had previously announced the purchase as part of its buyback plan to replenish the reserve after President Joe\u200d Biden ordered a 180-million-barrel\u200d sale last year \u2064in\u200d response to Russia&#8217;s invasion of Ukraine.<\/p>\n<h3>Targeting Oil Prices\u200c and Current Market \u200cConditions<\/h3>\n<p>The Biden administration aims to replenish the\u200b stockpile at oil prices\u2063 ranging from $67 to $72 per\u200d barrel. However, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-cancels-offer-for-6m-barrels-to-refill-strategic-petroleum-reserve\/\" title=\"Biden cancels 6M barrel offer for Strategic Petroleum Reserve refill.\">current crude prices<\/a>\u2064 far exceed this \u200drange, \u200bwith five consecutive weeks of\u200d gains due to increasing \u200cglobal demand and Saudi Arabia&#8217;s\u200c supply cuts.<\/p>\n<p>As of midmorning Wednesday, international\u2063 benchmark \u200cBrent crude stood at $84.55 per \u2063barrel, while U.S.-based\u2064 West Texas Intermediate exceeded $80 per barrel.<\/p>\n<p>The Department of Energy remains \u200ccommitted to its replenishment\u200c strategy for the Strategic Petroleum Reserve, which includes direct purchases, returns of oil \u2063loaned to companies after natural disasters, and the cancellation of planned sales when drawdown is deemed unnecessary, in coordination with Congress.<\/p>\n<h3>Concerns and Future Projections<\/h3>\n<p>The 180-barrel drawdown ordered \u2062by President Biden last year did provide relief to U.S. consumers, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jayapal-we-dont-have-to-reduce-gas-prices-we-can-lower-other-costs-with-spending-bill\/\" title=\"Jayapal: We Don't 'Have to Reduce' Gas Prices, We Can Lower Other Costs with Spending Bill\">lowering gas prices<\/a> \u2062by \u2062nearly 40 cents per\u200b gallon. However,\u200c it\u200b also depleted \u2064the reserve to its lowest \u200dlevel in four decades, raising concerns among analysts who fear potential vulnerability\u2063 during a supply emergency.<\/p>\n<p>Furthermore, oil prices are expected to continue \u200drising in the coming months, as Saudi Arabia&#8217;s supply\u2064 cuts of 1 million barrels per day are \u200bprojected to persist until at least September. Goldman Sachs analysts predict that Brent crude prices will reach $86 per barrel by the end\u200d of 2023 and rise further\u200c to \u2063$93 per barrel by the second quarter of 2024.<\/p>\n<p>Energy Secretary \u200bJennifer\u2062 Granholm has acknowledged \u2064that the administration may not \u2062be able to fully replenish the reserve during President Biden&#8217;s current term.\u200b However, the\u2062 plan is to work towards replenishment\u200b throughout this term and\u200d the next.<\/p>\n<p><strong>Click here to read more\u200b from The\u200b Washington Examiner.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration has scrapped its plan to buy 6 million barrels of oil for the Strategic Petroleum Reserve, causing the emergency stockpile to hit a 40-year low. This decision comes amidst rising oil prices, despite the Department of Energy&#8217;s previous announcement of the purchase as part of its buyback initiative.<\/p>\n","protected":false},"author":1,"featured_media":1988617,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1988616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988616"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988617"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}