Biden DOE rejects bids to restock oil reserve

 Roughly one month ago, the White House answered one question we’ve been hammering them about for more than a year. Joe Biden drained nearly 200 million barrels of oil out of the Strategic Petroleum Reserve in a failed effort to keep gas prices low ahead of the midterm elections. Was he ever planning on replacing that oil? And how much would it cost if he does?

At the time, Biden was saying that he would place the first order for three million barrels of oil for the SPR in February. That doesn’t happen overnight, so they opened up the process to take bids from the oil companies. As you would expect, the oil and gas industry responded, sending in their bids quickly. Those bids were turned over to the Department of Energy (which oversees the SPR), but the process remained under the watchful eye of the White House. This weekend we received our answer. Nobody’s bid was accepted. The DOE rejected all of them. Where we go from here remains a mystery...more