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Biden Administration Buys 3.4 Million Barrels of Oil to Supplement SPR
On September 9, the United States Department of Energy announced on Monday that the Biden administration has purchased more than 3.4 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). The United States Department of Energy said in a statement that the contract signed on Sunday is from January 2025 to March 2025 to fill the strategic petroleum reserve in Freeport Bryan Mound, Texas, with a monthly fill of more than 1.1 million barrels per month. So far, the United States Department of Energy has bought more than 50 million barrels of oil directly for the SPR at an average price of $76 per barrel. The United States Department of Energy said the United States government “will continue to evaluate options to supplement the SPR while securing a good deal for taxpayers, taking into account planned forex returns and market developments.”