The Biden administration released an announcement that refilling the Strategic Petroleum Reserve (SPR) seemed logical now that the oil is cheap.
Strategic Petroleum Reserve (Photo: CNN)
Strategic Petroleum Reserve is Still Running Lower Than It Should
According to the Washington Institute, the administration of Biden announced on Friday that refilling the Strategic Petroleum Reserve seemed logical now that the oil is comparatively cheap. However, this news could become embarrassing for the administration.
In addition, the Department of Energy intends to purchase three million barrels of crude oil. However, the Strategic Petroleum Reserve has been depleted by almost 300 million barrels since the start of the Biden administration. The depletion of crude oil was mainly caused by consumption earlier this year as the administration attempted to decrease gasoline prices for consumers.
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Strategic Petroleum Reserve Replenishment on the US Golf Coast
According to the Messenger, the plan to replenish the Strategic Petroleum Reserve will be just over 1%. In other circumstances, a 3 million barrel replenishment would be a supertanker or might be a rounding error.
3 million barrels would be a low figure as it is a consequence of maintenance restricting the volume of underground salt caverns on the US Gulf Coast where the Strategic Petroleum Reserve is located.
The secretary of the Department of Energy, David Turk, stated that they doing their best in refilling the Strategic Petroleum Reserve.
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