Biden administration claims nation’s energy stockpiles replenished after buying 40 million barrels

The Biden administration claims that it has successfully replenished the Strategic Petroleum Reserve (SPR) after adding 40 million barrels to it. 

The Energy Department announced the purchase of 4.65 million barrels Monday. In addition to canceling 140 million barrels in planned sales, the department claimed to have refilled 180 million barrels to the SPR. 

“This milestone is a proof point that when the Biden-Harris Administration makes and implements a plan, we deliver for the American people,” Energy Secretary Jennifer Granholm said in a statement.

Granholm said the 180 million barrels were drained in response to Russia’s invasion of Ukraine in 2022. The average price was $77 per barrel, while the 180 million barrels were sold for an average of $95 per barrel. 

In March, Energy Secretary Jennifer Granholm said the SPR would be filled by the end of 2024, which left critics skeptical. The SPR had just over 638 million barrels when Biden took office. As of July 19, it had 374 million barrels. Monday’s statement suggests Granholm was only referring to the 180 million barrels the Biden administration claims to have drained as a result of the war in Ukraine. 

Last month, Amos Hochstein, energy adviser to President Joe Biden, told the Financial Times that gasoline prices were too high for Americans and he wanted to see it knocked down a bit. He said the Strategic Petroleum Reserve (SPR) has enough capacity to tap should it be necessary to bring down prices.