Washington, D.C. - In a late Friday announcement, the Biden Administration committed to buying 3.3 million barrels of oil to begin refilling America's Strategic Petroleum Reserve (SPR.) This effort will fill about 1 percent of the reserve President Biden has drained during his time in office, and it will be purchased at a price of nearly $80 a barrel. That price tag is much higher than the proposed cost of $31 a barrel when former President Trump proposed refilling the SPR in March 2020 in order to take advantage of low prices. That effort was stopped by Senator Chuck Schumer (D-NY) who called the purchase a "bailout for big oil."
"The Biden Administration said they would wait to refill the SPR when prices came down, this must mean they think the price won't drop further," said Daniel Turner, Founder and Executive Director for Power The Future. "If Senator Schumer and his colleagues thought $31 a barrel was a bailout, they should be raging mad about this lousy deal. This is yet another example of how President Trump understood America's energy economy while Joe Biden and his allies can't buy a drop of common sense."
Power The Future is a 501c4 non-profit dedicated to fighting for American energy workers.
