Bloomberg: US rejects oil offer in first attempt to replenish stockpiles

The Biden administration is delaying the replenishment of the nation’s emergency oil stockpile after receiving proposals that were either too expensive or did not meet required specifications, according to people familiar with the matter.

Report informs via Bloomberg that the Energy Department rejected several proposals it received in February for a possible purchase, said the people, who asked not to be identified as details of the process have not been published.

“DOE will select only those bids that meet the required raw specifications and that are at a cost that is a good deal for taxpayers,” it said.