Biden makes final purchase for Strategic Petroleum Reserve – Washington Examiner
The Biden administration has completed its final oil purchase for the Strategic Petroleum Reserve (SPR) in an effort to replenish supplies after significant sales aimed at lowering gas prices in response to the war in Ukraine. On Friday, the Department of Energy announced the acquisition of 2.4 million barrels of crude oil, contributing to a total of 200 million barrels either purchased or canceled for the reserve since the beginning of Biden’s term, which is 20 million more than were sold under emergency measures. The SPR was tapped in 2022 following Russia’s invasion of Ukraine to mitigate rising oil prices. The Energy Department noted that it has managed to purchase oil at an average price below $76 per barrel, significantly lower than the average price during the emergency sales in 2022.
Biden makes final purchase for Strategic Petroleum Reserve
The Biden administration has made its final purchase of oil for the Strategic Petroleum Reserve as the White House attempts to replenish the facility’s supply after selling a record amount of its crude oil to curb high gas prices following the war in Ukraine.
The Department of Energy announced on Friday that it purchased 2.4 million barrels of crude oil for the SPR, which is the U.S. emergency oil stockpile. With that, the agency said, it has purchased or canceled the sale of 200 million barrels of oil for the SPR — 20 million more than were sold on an emergency basis under Biden.
In 2022, the Biden administration began tapping into the SPR when Russia invaded Ukraine to counter rising oil prices.
The Energy Department said it has used its entire emergency revenue made from the 2022 sale to secure the recent purchase of oil.
The department said it has purchased 59 million barrels of oil for the SPR at an average price of under $76 per barrel, which is $20 lower than the average sale price for 2022’s emergency sales. The administration also worked with Congress to cancel the mandated sale of 140 million barrels.
“With the awarding of these contracts, DOE has fully utilized all funding allocated for crude oil purchases following the sale of 180 million barrels in response to the Russian invasion of Ukraine and secured 20 million more barrels at a good price for taxpayers,” Energy Secretary Jennifer Granholm.
Some Republican lawmakers said President Joe Biden was abusing the U.S. emergency oil stockpile and risking U.S. energy security.
Earlier this year, House Energy and Commerce Committee Chairwoman Cathy McMorris Rodgers (R-WA) and Senate Energy and Natural Resources Committee ranking member John Barrasso (R-WY) warned Granholm against tapping into the reserve.
“We urge you, in the strongest terms, to put this country’s energy security first and stop abusing the SPR for political purposes,” the lawmakers wrote. “It is your responsibility to ensure that the SPR is ready to respond to true energy supply disruptions.”
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