President Biden just canceled plans to refill America's emergency oil reserve — here's why and what it means for you

 The Department of Energy (DOE) unexpectedly axed plans to refill its “oil piggy bank” in August and September due to surging oil prices.

The DOE previously announced in March that it was soliciting 3 million barrels of oil for its Bayou Choctaw site in Louisiana — one of four major storage facilities for the Strategic Petroleum Reserve (SPR). 

Don't miss

• Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
• Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today, no matter what the US Fed does or says
• Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

The SPR is the world's largest supply of emergency crude oil and was established back in 1975 in case of a severe oil supply crisis or economic disruption.

"We monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset," said DOE spokesperson Charisma Troiano, noting the energy department is keeping “the taxpayer’s interest at the forefront.”

0