In July 2024, the Biden-Harris administration made a significant move to bolster the United States’ energy security by purchasing 4.65 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). This acquisition is part of a broader effort to replenish the SPR, which had been significantly drawn down in response to the global energy crisis triggered by the Russian invasion of Ukraine in 2022.
The U.S. Department of Energy (DOE) confirmed that this latest purchase brings the total amount of crude oil secured for the SPR to over 40 million barrels since the administration began its replenishment efforts. The DOE has been able to procure this oil at an average price of $77 per barrel, which is nearly $20 less per barrel than the average sales price during the emergency releases in 2022. This strategic purchasing not only ensures a good deal for American taxpayers but also maintains the operational readiness of the SPR.
Energy Secretary Jennifer Granholm emphasized the administration’s commitment to safeguarding the nation’s energy security while securing favorable terms for taxpayers. She noted that the DOE has successfully accelerated the return of nearly 5.5 million barrels initially slated for later in the year, further maximizing the SPR’s refill.
The administration’s proactive approach to managing the SPR highlights its dedication to maintaining a robust energy reserve capable of responding to future crises. By taking advantage of market stability and improving procurement practices, the Biden-Harris administration continues to prioritize the economic and energy security of the American people.
