U.S. Department of Energy has rejected initial proposals to resupply oil reserves

According to a U.S. Department of Energy spokesperson, the U.S. Department of Energy in February rejected initial proposals from oil companies to resupply the nation’s emergency crude oil stockpile.

The website DOE had announced last month that it would buy up to 3 million barrels to deliver to the Strategic Petroleum Reserve in February. This is the first purchase since last year’s record 180 million barrels to bring down prices at the pumps in the United States.

A State Department spokesman said it will only select bids that meet required crude specifications and are reasonably priced for taxpayers.

U.S. President Joe Biden had announced the sale of 180 million barrels in late March to counter rising gasoline prices following Russia’s February invasion of Ukraine, the world’s largest fossil fuel exporter.

The sale volume in the SPR fell to its lowest level since 1984.

The government has said it plans to buy back oil at a price of about $70 per barrel.