"Biden Administration Scraps Emergency Oil Reserve Refill Amid Soaring Prices"

The Biden administration has canceled a plan to purchase up to three million barrels of oil to refill the Strategic Petroleum Reserve (SPR) amid increasing oil prices, despite the reserve being at a historically low level. The Department of Energy remains committed to refilling the SPR but has pulled back its most recent solicitation for oil, citing market conditions. Critics argue that the administration's actions, including depleting the reserve in 2021 and cutting domestic oil production, have left the U.S. vulnerable to supply shocks and contributed to rising fuel prices for consumers.