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Biden Admin to Release Millions of Barrels From Strategic Reserve to Combat Surging Gas Prices

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by Harry Wilmerding -

The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.

The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.

Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.

U.S. crude oil prices soared to a seven-year high last week, with West Texas Intermediate crude oil prices surging over 13% on a year over year basis, according to Bloomberg. The nationwide average price of unleaded gasoline in the U.S., which has increased for 10 consecutive days, hit $3.34 a gallon on Wednesday, according to American Automobile Association (AAA) data.

Before Tuesday’s announcement, the DOE granted over 8 million barrels of strategic reserve oil as part of the exchange program, which offered contracts totaling 32 million barrels, Bloomberg reported. Those receiving the oil are reportedly expected to return the barrels between 2022 and 2024.

Meanwhile, the Biden Administration has sold 18.1 million barrels of SPR oil for delivery between February and March, according to Bloomberg.

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    Total 3 comments
    • Josey Wales

      They will not stop until America lays bare naked and defenseless… Can’t the American people see what they are doing…? Wars are fought with resources…. Get it?

    • thatdogwillbite

      That stupid commie tactic won’t work. That’s a typical democrat response another failed policy. Easing regulation and opening pipelines two things that do work ( remember the Trump days or was that too long ago) never even crossed their minds. Economic ignoramus is a term that come to mind

    • Justin Case

      WAKE UP PEOPLE! THIS MAN IS A CHINESE SPY. The Chinese intelligence service has paid the Biden crime family over $31 MILLION over the years. As president he is STILL on the payroll through Hunter Biden. So it is only logical that he would want to weaken our strategic reserves before a war with his masters. Remember, Trump had totally filled the strategic reserves. The previous administration had also depleted them…

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