Biden Administration Purchases 3 Million Barrels, Seeks 6 Million More for Strategic Petroleum Reserve

Jun 7, 2024, 04:36 PM

President Joe Biden's administration is actively working to refill the United States' Strategic Petroleum Reserve (SPR). Recently, the U.S. Department of Energy (DOE) announced the purchase of 3 million barrels of U.S.-produced crude oil for the SPR. This acquisition is part of a broader strategy to enhance energy security and stabilize fuel prices. To date, the DOE has purchased a total of 38.60 million barrels of oil for the SPR at an average price of $77.24 per barrel. Additionally, the DOE has issued solicitations for an additional 6 million barrels, with deliveries scheduled from September through December. This move comes as oil prices have dipped, providing a strategic buying opportunity for the administration.