Biden Administration Buys Last Batch of 2.4 Million Barrels of Oil for SPR Refill

Nov 8, 2024, 04:36 PM

The Biden administration has purchased 2.4 million barrels of oil for the Strategic Petroleum Reserve (SPR), with delivery scheduled for April through May 2025 to a Texas site. This marks the final batch of oil bought to refill the SPR as revenue from the 2022 sale runs out, according to the U.S. Department of Energy. To date, the Department of Energy has directly purchased 59 million barrels of oil for the SPR at an average price of under $76 per barrel. The oil sold from the SPR in 2022 has been replenished at an average of $20 less per barrel.