After Announcing That They Will Refill The Strategic Oil Reserve, White House Balks At The Price That They Will Pay

Zero Hedge: White House Delays Refill Of Strategic Oil Reserve, Balks At "Too Expensive" Offers

The Biden administration had no problems aggressively draining the SPR by 1mmb/d at market prices in the immediate aftermath of the Ukraine war, in hopes of lowering the price of gasoline ahead of November's elections and avoiding an inflationary midterm rout. However, when it comes to refilling the SPR, now that US emergency inventories are down to the lowest level since November 1983 and not too far from an all time low which threatens the structural integrity of the salt caverns the oil is deposited in, the White House has "unexpectedly" gotten cold feet.

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Update: After Depleting Oil Reserve, Biden’s Energy Department Refuses to Fill It Back Up (Sputnik)

WNU Editor: It was only 3 weeks ago that the White House and the main stream media were pushing this news story .... White House Begins Plan to Refill US Emergency Oil Reserves (Bloomberg). Now that the White House is having "cold feet", with the exception of Zero Hedge and a few bloggers, no one is covering this story.

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