The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel.
’s drawdown brought the reserve to about half its approximately 700-million barrel capacity as he sought to tame high gasoline prices in the aftermath of Russia’s invasion of Ukraine. Tapping the reserve is among the few actions a president can take by himself to try to control inflation, an election-year liability for the party in control of the White House.
The price for the oil purchase was not announced, but benchmark West Texas Intermediate crude oil was selling at about $74 per barrel when the transaction was approved. Benchmark West Texas Intermediate crude oil was selling at $81.85 per barrel on Wednesday amid tighter global supplies.
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