The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, an Energy Department official said Dec. 4.

WASHINGTON — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel.

The Biden administration announced July 7 that it is purchasing 6 million barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile.

The U.S. is soliciting bids for up to 3 million barrels of sour crude oil to refill its depleted Strategic Petroleum Reserve in August.

The U.S. is committed to replenishing the Strategic Petroleum Reserve but won’t rush to do so despite the recent decline in oil prices, Biden administration adviser Amos Hochstein said.

WASHINGTON — For the second time this January, House Republicans have advanced a measure to restrict presidential use of the nation’s emergency oil stockpile.

U.S. gasoline prices are back on the agenda in Washington as both political parties go on the offensive.

President Joe Biden announced the drawdown of an additional 15 million barrels of oil from U.S. emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.

The Biden administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing further.

The Biden administration announced a plan May 5 to begin purchasing oil to refill the nation’s emergency reserve.