Biden Administration, US Deputy Secretary Announce 4.65 Million Barrel Oil Purchase for Strategic Reserve

Jul 29, 2024, 04:21 PM

The Biden administration announced on Monday that it has purchased 4.65 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR). This purchase is part of an ongoing effort to replenish the emergency cache, which was significantly drawn down following the invasion of Ukraine. The US Department of Energy confirmed the finalized purchase and indicated plans to continue buying oil for the SPR into next year. The administration, as noted by the US Deputy Secretary, is taking advantage of a recent dip in crude prices to make these purchases.