The Department of Energy has canceled its latest tender for crude oil for the replenishment of the strategic petroleum reserve after oil prices moved higher than the DoE is comfortable with. Last month, the DoE purchased 2.8 million barrels at a price of $81 per barrel, which was higher than its self-imposed ceiling of $79 per barrel. It appears the department is unwilling to keep paying more for SPR oil, saying it was “keeping the taxpayer’s interest at the forefront”, per Bloomberg. “We will not award the…
