"Biden Administration Scraps Strategic Petroleum Reserve Purchase Amid Soaring Oil Prices"

The Biden administration has canceled plans to purchase oil to refill the U.S. Strategic Petroleum Reserve due to soaring oil prices, with the Energy Department citing the need to keep the taxpayer's interest in mind. The decision comes as global benchmark Brent crude prices approach $90 per barrel and concerns about supply from Russia and the Middle East persist. The administration's delay in refilling the reserve could jeopardize its goal of fully replenishing it by the end of the year, as it has struggled to do so within the specified price points. The current level of the reserve stands at around 363 million barrels, down from 600 million barrels at the start of 2022.