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US suspends plans to buy oil after funding is left out of $2 trillion stimulus package

March 26, 2020

The U.S. Department of Energy is suspending its plans to buy crude for the nation’s Strategic Petroleum Reserve after the requested $3 billion in funding for the project was left out of the $2 trillion stimulus package.

“Given the current uncertainty related to adequate Congressional Appropriations for crude oil purchases associated with the March 19, 2020 solicitation, the Department is withdrawing the solicitation,” an amendment filed Wednesday said. “Should funding become secure for the planned purchases, the Department will reissue the solicitation,” it added.

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