Biden admin cancels oil order to replenish Strategic Petroleum Reserve: Report

Biden drained the SPR last year to its lowest level in almost four decades.
The plunge in U.S. crude oil prices this week reverberated across global financial markets.

The Biden administration has canceled an offer to buy 6 million barrels of oil to replenish America's Strategic Petroleum Reserve (SPR), multiple outlets have reported.

Last year, President Biden drew criticism when he sold off 180 million barrels of oil from the SPR, resulting in a near 4-decade reserve low, which he claimed helped to "stabilize crude oil markets and reduce prices at the pump." 

This July, the Department of Energy (DOE) announced a buyback plan to replenish the reserve. One of those acquisition orders, however, has been canceled amid rising oil costs, according to Reuters

The administration previously set its target price was $67 to $72 per barrel, which is well below current market value. WTI and Brent Crude currently trade for more than $82 and $86 per barrel, respectively.

Nonetheless, a DOE official says the agency "remains committed to its replenishment strategy for the SPR."