Close Menu
  • Entertainment
  • Lifestyle
  • Relationships
  • Tips & Tricks
  • Celebrity Kids
Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
Facebook X (Twitter) Instagram Pinterest Vimeo
GistFestGistFest
  • Entertainment

    “Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

    July 31, 2025

    From Albums to Algorithms: Why Every Artist Is Fighting for a TikTok Moment in 2025

    July 30, 2025

    Nostalgia Never Dies: “Twilight” TV Series in the Works — But Do We Need It?

    July 29, 2025

    Beyoncé’s Cowboy Carter Era: How She’s Redefining Country Music One Boot at a Time

    July 28, 2025

    Top 5 Entertainment Moments: Akshay, SRK & Amitabh in the Spotlight

    July 25, 2025
  • Lifestyle

    “Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

    July 31, 2025

    From Albums to Algorithms: Why Every Artist Is Fighting for a TikTok Moment in 2025

    July 30, 2025

    Nostalgia Never Dies: “Twilight” TV Series in the Works — But Do We Need It?

    July 29, 2025

    Beyoncé’s Cowboy Carter Era: How She’s Redefining Country Music One Boot at a Time

    July 28, 2025

    Top 5 Entertainment Moments: Akshay, SRK & Amitabh in the Spotlight

    July 25, 2025
  • Relationships

    “Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

    July 31, 2025

    From Albums to Algorithms: Why Every Artist Is Fighting for a TikTok Moment in 2025

    July 30, 2025

    Nostalgia Never Dies: “Twilight” TV Series in the Works — But Do We Need It?

    July 29, 2025

    Beyoncé’s Cowboy Carter Era: How She’s Redefining Country Music One Boot at a Time

    July 28, 2025

    Top 5 Entertainment Moments: Akshay, SRK & Amitabh in the Spotlight

    July 25, 2025
  • Tips & Tricks

    “Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

    July 31, 2025

    From Albums to Algorithms: Why Every Artist Is Fighting for a TikTok Moment in 2025

    July 30, 2025

    Nostalgia Never Dies: “Twilight” TV Series in the Works — But Do We Need It?

    July 29, 2025

    Beyoncé’s Cowboy Carter Era: How She’s Redefining Country Music One Boot at a Time

    July 28, 2025

    Top 5 Entertainment Moments: Akshay, SRK & Amitabh in the Spotlight

    July 25, 2025
  • Celebrity Kids

    Brody Jenner Ties the Knot With Tia Blanco in Dreamy Malibu Ceremony — See the Intimate Moments

    July 17, 2025

    Madison LeCroy Welcomes Baby No. 2 — the Heartwarming Story Behind the Name

    July 9, 2025

    Ariana Zolciak Supports Kim Zolciak and Siblings Amid Ongoing Money Issues

    July 7, 2025

    Sofia Richie and Elliot Grainge Revisit Lavish Wedding Venue Amid Backlash Over Cheating Rumors

    June 24, 2025

    Exes Megan Fox and MGK Unveil Their Baby Girl’s Name Following ‘Celestial Seed’ Mix-Up

    June 20, 2025
Subscribe
GistFestGistFest
Home » President Biden Cancels Plans To Refill America’s Emergency Oil Reserve; Here’s What It Means for You
News

President Biden Cancels Plans To Refill America’s Emergency Oil Reserve; Here’s What It Means for You

DamiBy DamiMay 5, 20243 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
A picture of Joe Biden
Source: Wikimedia Commons
Share
Facebook Twitter LinkedIn Pinterest Email
The first portrait of Joe Biden as president of the United States.
Source: Wikimedia Commons

President Joe Biden has made an important decision on America’s emergency oil stockpile. Due to rising oil costs, the Department of Energy (DOE) abruptly canceled preparations to restock the Strategic Petroleum Reserve (SPR). Let’s go into the specifics and see what it means for you. 

The DOE stated in March that it was seeking 3 million barrels of oil for its Bayou Choctaw location in Louisiana. One of four key Strategic Petroleum Reserve (SPR) storage sites.

The SPR, founded in 1975, is the world’s biggest store of emergency crude oil. It aims to solve major oil supply problems and economic disruptions. Four sizable storage facilities comprise the SPR, one of which is the Bayou Choctaw facility in Louisiana.

According to DOE spokesperson Charisma Troiano, to protect this vital national security asset, it periodically surveys market dynamics. Their replenishment strategy strives to stay agile and inventive while prioritizing the taxpayer’s interests. 

ALSO READ: Supreme Court Affirms Texas’ Authority Detain Migrants, Deals Blow to Biden Administration

Last year, the SPR saw unprecedented lows, leading the government to extract a record 180 million barrels to address supply difficulties triggered by Russia’s invasion of Ukraine. Energy Secretary Jennifer Granholm claims that the oil stockpile will be replenished by the end of the year.

The DOE sought to purchase back oil for the SPR for $79 per barrel or less, compared to the average of almost $95 earned for 2022 sales. However, with oil prices hovering around $85 per barrel, the DOE has decided to halt future purchases until market circumstances improve. The SPR now stores around 363 million barrels, down from almost 600 million at the beginning of 2022. 

POLL — Should Donald J. Trump Be Allowed to Run for Office?

Bob McNally, president of the consultancy Rapidan Energy Group, anticipates domestic oil prices will stay high throughout the year. “If pump prices keep rising, the Biden administration will shift gears and reconsider SPR releases, though we currently do not think they are imminent,” McNally said.

The refill program may be on hold for an extended period. As such, higher oil prices could cause further volatility in fuel costs. This would raise gasoline and diesel costs, affecting daily commutes and household spending.

ALSO READ: Ohio GOP Officials Refuse Democrats’ Plan to Put President Joe Biden on November Ballot

Rising oil prices might cause higher energy expenses. Whether you use oil to heat your home or generate power, swings in oil prices have a direct influence on your pocketbook.

However, skeptics are concerned that the dwindling oil reserves could put the United States at risk, particularly during a crisis or if global supply falls dangerously low. It also indicates that gasoline costs will likely remain high for the foreseeable future.

President Biden’s withdrawal from the refill plan demonstrates the continuous issue of balancing energy requirements, national security, and economic realities. As a citizen, remaining educated about energy trends and responding to changing situations is critical. Consider using energy-saving methods, as reducing consumption helps to lessen the impact of rising gasoline costs on your finances. 

You Might Also Like:

Jimmy Kimmel Fires Back at Donald Trump’s Rant With Prison Reminder

Oklahoma Officials Ban Trans Pro Wrestler From Competing in the State

“Woke” Hollywood Gets Another Disappointing Box Office Return

North Carolina High School Suspends Student for Using the Term “Illegal Alien”

Ohio GOP Officials Refuse Democrats’ Plan to Put President Joe Biden on November Ballot

News Politics
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleNestle’s Sugar Scandal Sends Troubling Message to Colored Parents
Next Article The Most Overrated Bands to be Inducted Into the Rock and Roll Hall of Fame

Related Posts

Entertainment

“Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

July 31, 2025
Entertainment

Pride & Prejudice Returns to Theaters in India for 20th Anniversary—Don’t Miss the Iconic Love Story

July 23, 2025
Lifestyle

Inside the Breaking Point That Ended Gwyneth Paltrow and Madonna’s Friendship, Says New Biography

July 21, 2025
Latest Posts

“Wakanda Meets Wall Street”: Black Panther Spinoff Series Set in a Futuristic Financial World

July 31, 2025

From Albums to Algorithms: Why Every Artist Is Fighting for a TikTok Moment in 2025

July 30, 2025

Nostalgia Never Dies: “Twilight” TV Series in the Works — But Do We Need It?

July 29, 2025

Beyoncé’s Cowboy Carter Era: How She’s Redefining Country Music One Boot at a Time

July 28, 2025

Top 5 Entertainment Moments: Akshay, SRK & Amitabh in the Spotlight

July 25, 2025

Slasher Nostalgia: I Know What You Did Last Summer Legacy Sequel

July 24, 2025

Pride & Prejudice Returns to Theaters in India for 20th Anniversary—Don’t Miss the Iconic Love Story

July 23, 2025

More Than a Hero: How Superman’s Box Office Success Is Giving Hollywood a New Blueprint

July 22, 2025
About
About

We’re a news, entertainment and lifestyle hub that is dedicated to giving you quality insight on the latest lifestyle news, movie and TV news, celebrity news and lots more.

Contact us: info@gistfest.com

MOST POPULAR

Alina Nikitina: Everything We Know About the Russian Model

October 4, 2023

Jacob’s Ladder Piercing: All You Need To Know

July 21, 2023

Jennifer Rauchet: Inside the Life of Pete Hegseth’s Wife

August 30, 2023

Subscribe to Updates

Get the latest news delivered straight to your inbox!

Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
© 2025 GistFest. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.