Oil & Gas

27 Feb 2024

Biden Administration Slowly Replenishes Strategic Oil Reserve

27 Feb 2024  by reuters   

The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File Photo Purchase Licensing Rights
The Biden administration is slowly replenishing the Strategic Petroleum Reserve, after selling a record amount of oil from the stockpile in 2022 in an effort to control gasoline prices after Russia's invasion of Ukraine.

The Department of Energy, or DOE, said on Monday it is seeking to buy another three million barrels of domestically-produced crude oil for the SPR, in its latest push to buy small amounts for the stockpile. The oil is slated to be delivered to the SPR in August.

Here are some facts about the SPR and efforts to put oil back in.


It is the world's largest emergency oil stash. The U.S. created the SPR in 1975 after the Arab oil embargo spiked gasoline prices and damaged the economy. Presidents have tapped the stockpile to calm oil markets during war or when hurricanes hit oil infrastructure along the U.S. Gulf of Mexico. The oil is held in heavily-guarded underground caverns at four sites on the Texas and Louisiana coasts.



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