Biden moves to refill Strategic Petroleum Reserve

Crude oil price news: Crude oil price likely to trade between $98-114.50  range next week - The Economic Times


After ordering the release of 180 million barrels of oil from the nation’s Strategic Petroleum Reserve in a move to lower the cost of gasoline, President Biden now plans to purchase more oil to refill part of the Reserve.

CNN reported Thursday the Biden administration will seek bids in the fall to buy 60 million barrels of crude oil in the effort to begin returning the country’s emergency oil reserve to previous levels. The network reported it would be the first time since the early 2000s that the Energy Department has acquired largest quantities of oil for the SPR.

The President’s decision to release crude from the SPR, all in the name of lowering the cost of gasoline was opposed by some in Oklahoma’s Congressional delegation.

U.S. Sen. James Lankford was one of them, stating on April 1 that the rising gasoline prices were the direct result of Biden’s own policies.

“Apparently President Biden just discovered that the American economy runs on oil and natural gas. After attacking traditional energy sources that fuel our nation for a year, the price at the gas pump has risen significantly. Then Putin’s invasion of Ukraine made prices even worse.”

His comments came on Biden’s third release of crude from the Reserve.

“If Biden wants to lower gas prices, he should spend more time talking about supply solutions with the many US energy companies he’s alienated and less time glad-handing climate-change activists.”

After an earlier release of crude from the Reserve by Biden, Rep. Markwayne Mullin tweeted, “Instead of tapping into our emergency reserve, why are we not bolstering production?”

Republican Congressman 'refuses to be blackmailed' by GOP hardliners |  Fortune

Rep. Tom Cole went even further, calling the decision by Biden “misguided, reckless and completely irresponsible.”

“Instead of being honest, reversing course and doing the right thing, the Biden Administration is continuing to undermine America’s energy security and depleting our emergency reserves in the desperate hope that it will lower gas prices. It will not.”

CNN reported the delivery of the first batch of 60 million barrels in the refilling process will take place in unspecified future years. Payments will be made with revenue received from ongoing emergency sales.