It Just Got A Lot Costlier To Refill Strategic Petroleum Reserve

  • The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.
  • Here’s the problem: The White House previously stated that the department would begin buying back oil at a price of $67 to $72 per barrel.
  • President Biden began draining the SPR in March in a desperate bid to bring down gas prices.  The nation’s emergency oil reserves are currently at their lowest level since 1984.