Results for: Strategic Petroleum Reserve

The Biden administration has announced the completion of its Strategic Petroleum Reserve (SPR) replenishment after selling a record amount of oil in 2022 to combat rising fuel prices. The administration purchased 2.4 million barrels of oil, bringing the total replenished to 59 million barrels, but the department’s purchasing fund is now depleted. Despite the depletion, the Biden administration highlights the SPR’s role in stabilizing fuel prices and ensuring energy security.

The Biden administration has continued its efforts to stabilize the oil market by purchasing an additional 6 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). This latest acquisition brings the total amount of oil purchased for the SPR to over 55 million barrels since last year. The administration’s actions demonstrate its commitment to managing oil supply and protecting consumers from price volatility.