{"id":2212405,"date":"2024-04-03T16:19:02","date_gmt":"2024-04-03T20:19:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-again-cancels-plans-to-refill-oil-reserve\/"},"modified":"2024-04-03T16:19:33","modified_gmt":"2024-04-03T20:19:33","slug":"biden-admin-again-cancels-plans-to-refill-oil-reserve","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-again-cancels-plans-to-refill-oil-reserve\/","title":{"rendered":"Biden Administration Scraps Oil Reserve Refill Plans Again"},"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\">16<\/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-admin-again-cancels-plans-to-refill-oil-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=2212405&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--><p>The summary is \u200babout the Biden \u2062administration&#8217;s decision to \u200bcancel\u200b plans to \u2064refill the Strategic Petroleum Reserve after selling off almost half of the U.S. oil\u2063 reserve in 2022. The Department of Energy cited prioritizing taxpayers&#8217; interests as the reason\u200c for not purchasing\u2064 approximately three \u200bmillion \u2062barrels of oil for a reserve site in Louisiana. The Biden\u2062 administration opted to halt the \u2062refill of the Strategic Petroleum \u2064Reserve post selling\u200c nearly half of\u200b the U.S. oil reserve \u200bin\u200b 2022.\u200d The Department \u2062of Energy justified this move by highlighting a commitment to taxpayers&#8217; interests,\u2064 leading to the decision not to\u200b acquire around three million barrels for\u2063 a reserve site\u2062 in Louisiana.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<figure><figcaption> \t\t\t\t \t\t\t\t(Reuters)\t\t\t<\/figcaption><\/figure>\n<\/p><\/div>\n<div>\n<p><span>The Biden administration on Tuesday again canceled plans to refill the Strategic Petroleum Reserve after selling off nearly half of the U.S. oil reserve in 2022. <\/span><\/p>\n<p><span>The Department of Energy said that in &#8220;keeping the taxpayer\u2019s interest at the forefront&#8221; it would not go through with a planned purchase of roughly three million barrels of oil for a reserve site in Louisiana. &#8220;We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow. We will continue to monitor market dynamics,&#8221; the department said, <\/span><a href=\"https:\/\/www.bnnbloomberg.ca\/us-cancels-latest-oil-reserve-refill-plan-amid-high-prices-1.2054450\"><span>according<\/span><\/a><span>  to Bloomberg. <\/span><\/p>\n<p><span>The refill cancellation came as American oil price benchmark West Texas Intermediate on Tuesday rose above $85 a barrel, about $6 more than the administration\u2019s target price for purchasing oil to refill the reserves. &#8220;Domestic crude prices are likely to remain too high for the remainder of the year for DOE to resume its refilling program,&#8221; Bob McNally, president of consulting firm Rapidan Energy Group, told Bloomberg.<\/span><\/p>\n<p><span>The Biden administration has <\/span><a href=\"https:\/\/freebeacon.com\/biden-administration\/joe-biden-and-the-impossible-task-of-refilling-americas-oil-reserves\/\"><span>delayed<\/span><\/a><span>  its replenishment plans, even though it has repeatedly <a href=\"https:\/\/freebeacon.com\/biden-administration\/biden-promised-to-refill-oil-reserves-at-a-profit-now-prices-are-too-high\/\">pledged<\/a> to refill the nation\u2019s oil supply after selling a record 180 million barrels in 2022, <\/span><span>including<\/span><span>  many to the Chinese Communist Party and other foreign entities. The SPR now has only 363 million barrels, down from nearly 600 million at the start of 2022.<\/span>\t<\/p>\n<p><span>&#8220;It\u2019s pure insanity to watch the Biden Administration cut American oil production and then claim they can\u2019t refill our critical reserve because of the price,&#8221; Daniel Turner, founder and executive director of energy advocacy group Power The Future, said in a statement.<\/span><\/p>\n<p><span>&#8220;Joe Biden drained the SPR for political reasons, cut our domestic production for his climate agenda and now he\u2019s leaving our critical reserve more vulnerable because he\u2019s incompetent,&#8221; Turner added. &#8220;As a result, Americans are paying more at the pump, more at the grocery store and our SPR is less full during a time of rising turmoil in the Middle East.&#8221;<\/span><\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration canceled plans to refill the Strategic Petroleum Reserve after selling off almost half in 2022. The Department of Energy prioritizes taxpayers&#8217; interests and has decided against purchasing around three million barrels<\/p>\n","protected":false},"author":2807,"featured_media":2212406,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/02\/2024-02-16T180450Z_1_LYNXNPEK1F0NN_RTROPTP_4_RUSSIA-NAVALNY-DEATH-BIDEN-scaled-e1712173293255.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2212405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/02\/2024-02-16T180450Z_1_LYNXNPEK1F0NN_RTROPTP_4_RUSSIA-NAVALNY-DEATH-BIDEN-scaled-e1712173293255.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2212405","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\/2807"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2212405"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2212405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2212406"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2212405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2212405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2212405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}