Biden Promised To Refill Oil Reserves at a Profit. Now Prices Are Too High.

President Joe Biden promised to refill America's emergency oil reserves at a low enough price to "actually make money for the taxpayers." Now, his Energy Department says prices are too high to do so, ensuring that the country's emergency reserves will remain low.

The Biden administration last week rejected all offers it received to purchase oil for the country's dwindling reserves because those offers "were either too expensive or didn't meet the required specifications," Bloomberg reported Friday. The move comes just weeks after the White House said it would "turn a profit for the taxpayers" by buying up to three million reserve barrels at a reduced cost, which Biden's Energy Department pledged to obtain by February.