With oil prices rising again, the Biden administration decided to delay replenishing the Strategic Petroleum Reserve

　　The Biden administration decided to delay the replenishment of the Strategic Petroleum Reserve (SPR) because the price it received was too high. The decision comes as oil prices have climbed back above $80 a barrel.

　　Because details of the buyback process haven't been made public, the Energy Department isn't accepting potential offers it has received, people familiar with the matter said.

　　WTI crude futures climbed above $80 per barrel last week as supply tightened due to OPEC+ cuts. Despite rising interest rates, demand has largely been supported. The U.S. Department of Energy has bought back oil at a profit twice before, and this is the fourth round of bidding.

　　Joe Bide's administration has been making "verbal" efforts to replenish the strategic oil reserve, but it has still been releasing the SPR for the past 14 weeks, despite all the promises, but actually "doing nothing."

　　The Biden administration has said it will buy crude when oil prices fall to around $67 to $72 a barrel. And now, due to Opec + production cuts, supply is tight, and WTI crude oil futures climbed above $80 per barrel last week, and have "escaped" this range. Despite rising interest rates, demand has largely been supported.

　　Robert Yag, head of energy futures at Mizuho Securities, said: "Another extension of this cut could slow global efforts to tame inflation and could lead to distress in the oil market, especially as the summer driving season and early fall season come to an end."

　　"Oil remains one of the most attractive trades and buyers are likely to emerge every time there is a decline," said Edward Moya, senior market analyst at Oanda.