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The US Department of Energy has rejected the Biden administration's proposal to buy oil to replenish national emergency reserves, while WTI oil is already above $ 80 per barrel, writes Bloomberg.
The Department of Energy has repeatedly purchased oil at a profit and remains committed to its strategy of replenishing national strategic reserves.
The replenishment of the strategic oil reserve was taken for granted by the authorities after a record $180 million cut in oil reserves ordered by President Joe Biden cut it by about half to combat high gasoline prices.
The Biden administration has said it will buy oil when it drops to around $67-$72 a barrel. Last week, West Texas Intermediate oil futures rose above $80 a barrel due to supply cuts due to production cuts by OPEC and its allies.
