US suspends plans to purchase oil after funding is overlooked of $2 trillion stimulus package deal
A drilling crew member on an oil rig within the Permian Basin close to Wink, Texas.
Nick Oxford | Reuters
The U.S. Division of Vitality is suspending its plans to purchase crude for the nation’s Strategic Petroleum Reserve after the requested $three billion in funding for the mission was overlooked of the $2 trillion stimulus package deal.
“Given the present uncertainty associated to satisfactory Congressional Appropriations for crude oil purchases related to the March 19, 2020 solicitation, the Division is withdrawing the solicitation,” an amendment filed Wednesday said. “Ought to funding grow to be safe for the deliberate purchases, the Division will reissue the solicitation,” it added.
The unique request for proposal, filed on March 19, outlined plans to buy the primary 30 million barrels of American-made crude oil for the SPR out of a complete of 77 million barrels.
However funding to execute the plan was overlooked of the $2 trillion stimulus package deal which the White Home and Senate agreed to Wednesday night time,…