Biden administration launches plan to refill oil reserve

President Biden approved a record release from the Strategic Petroleum Reserve (SPR) earlier this spring to address rising gas prices.

The Department of Energy announced on Wednesday that it will seek bids to buy 60 million barrels of oil.

The bidding will begin in the fall to refill around a third of the 180 million barrels released in response to Russia’s invasion of Ukraine.

The department said in a statement that the buyback and subsequent delivery had been scheduled for when oil prices are expected to have decreased significantly. It didn’t say when the package will be delivered.

“The United States Strategic Petroleum Reserve, the world’s largest emergency supply,” Energy Secretary Jennifer Granholm said in a statement, “is a valuable tool to protect the American economy and consumers from supply disruptions — whether caused by domestic emergencies or petro-dictators weaponizing access to energy resources.”

She added, “As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most.”

The department stated that it will take steps to relax buyback laws to allow competitive bidding instead of the traditional index-pricing system used for SPR sales. The buyback is distinct from Congress-mandated SPR sales, which the agency estimates would total roughly 265 million barrels between fiscal years 2023 and 2031.

Late in March, Biden announced the SPR’s largest-ever release — 180 million barrels over six months — to counteract price rises that had started months before and were worsened by the Ukraine conflict.

The government has previously announced SPR releases of 30 million barrels in March and 50 million barrels in November.

The administration has attempted to pin the blame for rising oil prices on the invasion while also taking several steps to lower costs at the pump, including the SPR release and a waiver that will allow previously forbidden sales of ethanol-heavy fuels.

 

12 Responses

  1. they are so full of crap, just open the Keystone pipe line and move prices down and we will have the oil again. they have no common sense.

    1. The longer they delay opening & finishing any pipelines in America is a disgrace to our administration. We ( the United States ) has the ability to be energy independent, and right now the American People are paying to much. You say electric is the way to alleviate the problem, but we all know we are years & years away from that happening. Common sense tell us to do what has/should be done now, & worry about the green deal in a few years, when we have other avenues to follow up on. When we can get other countries to do they’re part on the green deal, & we have our power grids, cars, etc.. further along, would be the right thing to do. We can’t do it all at the same time.

  2. THIS SO CALLED ————– NEEDS TO LEAVE THERE IS NOTHING MORE TO SAY….HE IS DEFINITELY HURTING AMERICA AND THE AMERICAN PEOPLE……PERIOD
    WHO IN THE HEL- DO YOU EXPECT…….HE IS NOT “GOD” BUT HE SURE ACTS LIKE IT……I KNOW WHAT THE HEL- IS GOING ON BUT WE ARE TIRED OF THIS STUPIDY……YES…YES… YOU AND THE HANDLERS WOULD LIKE A WAR GOING ON….BUT US AMERICANS ARE “NOT” STUPID NOT TO SEE WHAT THE ELEISTS ARE DOING….WE DO NOT WANT A DAM- “RESET” WE WANT OUR AMERICA BACK

  3. Inflation gas prices 13 killed in botched Afghanistan move.all Biden and his handlers or so called administration. We don’t want no woke new world order/ communism. In the USA.AND WE DONT WANT OUR COUNTRY DIVIDED BY THESE FASCIST

  4. WOW ! Great RESET$$$$$ Some one did some reading, Proud to here that. I have a ?? Wonder if all those Billions of OIL;;;; Are like All the HUNDREDS of TONS of GOLD in Fort Knox. I ‘am OLD SCHOOL. Seeing was believing once. But I’am told if I look between my legs, I still really do not know what sex I.am. So at 67 I guess thats not true and the moon is green cheese because something STINKS THE HIGH HEAVENS and its not Demark, it is in the USA. SAD. Shame on us ALL.

  5. They are called reverses for a reason and you are waste them because you were too stupid by stoping our fuel line in the first place! Instead of depleting our reserves why not put the fuel line back in place! We know it can’t be completed but you are the cause so fix it and don’t break our reserves! You need someone in your administration that can give you the information needed before you continue to make these blunders! You have condemned a very good President when you have proven that you should never have taken his place! I hope the next election turn the country around by getting rid of you and your worthless VP and I hope we can have a better Congress that will be willing to help America! America is ready for a new administration that are for the people instead of them selves!

  6. Why bid on it when we can produce it?!? What a dip. This whole administration needs tarred and feathered with a public peep walk to prison.

  7. The Obama plan is bankrupt the country, weaken us from the inside, give up our sovereignty, make us all slaves of the state! He started that during his two stolen elections, but Trump sidelined that for four years. Killary was supposed to continue the agenda, but Trump stopped her. Obama is furious his plan got derailed, so he installed doofus Biden into the White House as his “ front man”, doing exactly what Obama tells him! Wake up people, this is obama’s Third term! Now he wants more censorship against people who disagree! He should be sent back to kenya, along with his (wife? )Big mike and remove Biden, Harris, Piglosi, Schumer and all the rest of the treasonous bunch!

  8. When Donald Trump was President, the USA was energy independent, everybody that wanted to work had a job, illegal foreigners were having a hard time getting into the country, and our military was stronger than it had been since Ronald Reagan was President. The USA was in great shape. Then thanks to the conniving Democrats they fraudulently forced poor old Biden into the Oval Office and look what happened. What a shame.

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