Biden delays plans to restock nation’s emergency oil reserve

KIFI

Published August 2, 2023 2:35 PM

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel. The Energy Department canceled a planned purchase of 6 million barrels for the strategic reserve this week, saying it wants to secure a good deal for taxpayers. The Biden administration said it remains committed to refilling the reserve, which President Joe Biden significantly drained last year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports because of the war in Ukraine.

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