Biden Administration Announces Replenishment Of Strategic Petroleum Reserve

The Biden administration is claiming it has successfully replenished the Strategic Petroleum Reserve (SPR) by purchasing 40 million barrels of oil — after depleting those reserves. The Department of Energy highlighted this milestone as part of a broader effort to stabilize energy reserves and ensure national security.

Energy Secretary Jennifer Granholm lauded the accomplishment, stating, “This milestone is a proof point that when the Biden-Harris Administration makes and implements a plan, we deliver for the American people.” She emphasized that the administration’s actions reflect its commitment to maintaining energy stability.

The recent purchase of 4.65 million barrels is part of a larger strategy that included the cancellation of 140 million barrels in planned sales. According to the administration, this brings the total refill to 180 million barrels, a figure initially depleted in response to the 2022 Russian invasion of Ukraine. Granholm noted that the oil was sold at an average of $95 per barrel and repurchased at $77 per barrel, indicating a strategic financial move.

Despite these claims, some skepticism remains. In March, Granholm projected that the SPR would be fully replenished by the end of 2024. At that time, the reserve stood at just over 638 million barrels when President Biden took office, but had dropped to 374 million barrels by July 19. Critics pointed out that the administration’s statement appears to focus solely on the 180 million barrels drained due to the Ukraine conflict, not the overall reserve levels.