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An oil storage tank and crude oil pipeline equipment are seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. Richard Carson/Reuters
The Biden administration canceled its planned acquisition of 6 million barrels of oil to help refill the Strategic Petroleum Reserve (SPR).
This move leaves the nation’s emergency crude stockpile at its lowest level in four decades, as global oil prices have ticked upward after a cut in output from Saudi Arabia.
