Biden Administration Cancels SPR Replenishment

April 3, 2024

President Biden has spent most of his presidency draining our Strategic Petroleum Reserve (SPR) to try and offset the price of oil after his administration’s policies hurt American oil production. In fact, he has drained the SPR more than any other president in history. Biden announced today they are canceling the purchase of replenishment barrels.

Bloomberg reports,

“The Biden administration won’t move forward with its latest plans to buy oil for the Strategic Petroleum Reserve amid rising prices. The Energy Department said it was ‘“keeping the taxpayer’s interest at the forefront”’ in its decision not to purchase as many as 3 million barrels of oil for a Strategic Petroleum Reserve site in Louisiana. The plan for the barrels to be delivered in August and September had been announced in mid-March.”

The decision follows news that American oil production fell by nearly 800,000 barrels a day from December to January this year.

“It’s pure insanity to watch the Biden Administration cut American oil production and then claim they can’t refill our critical reserve because of the price,” said Daniel Turner, Founder and Executive Director for Power The Future. “Joe Biden drained the SPR for political reasons, cut our domestic production for his climate agenda and now he’s leaving our critical reserve more vulnerable because he’s incompetent. As a result, Americans are paying more at the pump, more at the grocery store and our SPR is less full during a time of rising turmoil in the Middle East.”

Since taking office, Joe Biden has drained nearly half of the Strategic Petroleum Reserve.