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US To Begin Refilling Oil Reserves

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In 2021, as the world began to return to normal following COVID-19, gasoline demand rose, sending prices soaring across the nation. To help with the energy crisis, President Joe Biden started releasing oil from the Strategic Petroleum Reserve. A year later, the administration is replenishing the stocks by buying oil.

To restock the SPR, the Biden administration bought three million barrels of crude oil on December 16. The president has given the go-ahead to sell 200 million barrels of oil during the past year.

After announcing that it would start repurchasing crude oil for the reserves at a price between $67 and $72 per barrel, the administration made the purchase a few months later. The last 12 months have seen the lowest gas prices ever. As of December 20, the national average cost for a gallon of regular petrol was $3.12, according to AAA. The price per gallon was higher at the same time last year.

After the Arab oil embargo produced petroleum shortages, high prices, and harm to the US economy, the government established the SPR in 1975. Hundreds of millions of gallons of oil are stored there. The president and his allies in the International Energy Agency (IEA) strategically coordinate efforts to release oil during an energy crisis.

Did you support Biden’s decision to release oil from the SPR?

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