Biden Administration Purchases 4.65 Million Barrels of Oil to Refill Strategic Petroleum Reserve, Total Now 43.25 Million

Jul 29, 2024, 04:22 PM

The Biden administration has announced the purchase of 4.65 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR). This purchase is part of a broader effort to replenish the nation's emergency oil stockpile, which was significantly drawn down following the invasion of Ukraine. The recent acquisition brings the total amount of oil bought for the SPR to 43.25 million barrels, with an average purchase price of $77 per barrel. The Department of Energy confirmed that the crude oil will be delivered to the Bayou Choctaw SPR site in Louisiana between October and December. Deputy Secretary announced that the administration plans to continue buying oil for the SPR into next year, taking advantage of a recent dip in crude prices to secure a good deal for taxpayers.