Environment & Energy Report

U.S. Halts Plan to Buy Crude Amid Uncertainty Over Funding (2)

March 26, 2020, 3:05 PM

The Trump administration halted plans to start buying oil to top up the nation’s emergency stockpile after failing to win funding from Congress, throwing a wrench in its most tangible efforts to help struggling drillers cope with the price rout.

The Energy Department said in a notice dated Wednesday that it was withdrawing a March 19 tender for the first part of its plan to purchase 77 million barrels for the reserve.

Some have suggested that the Energy Department might come up with the money in its own budget to fund the purchase. Congressional appropriators routinely sign off on internal...

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