Biden Administration Announces Another Purchase of Oil to Replenish Strategic Petroleum Reserve

Biden Administration Announces Another Purchase of Oil to Replenish Strategic Petroleum Reserve
In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen in Freeport, Texas, on Oct. 19, 2022. Brandon Bell/Getty Images
Jeff Louderback
Updated:
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The Biden administration said on Dec. 16 that it will purchase 3 million barrels of oil to replenish the country’s Strategic Petroleum Reserve (SPR).

The Department of Energy’s (DOE) Office of Petroleum Reserves said in a statement that it will start repurchasing crude oil for the SPR “to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96-per-barrel average price it was sold for, as well as to strengthen energy security.”

Jeff Louderback
Jeff Louderback
Reporter
Jeff Louderback covers news and features on the White House and executive agencies for The Epoch Times. He also reports on Senate and House elections. A professional journalist since 1990, Jeff has a versatile background that includes covering news and politics, business, professional and college sports, and lifestyle topics for regional and national media outlets.
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