The Biden administration sold 180 million barrels into the market shortly after oil spiked to $130 after Russia's invasion of Ukraine led to significant concerns over global oil supply. Prior to that, Congress also mandated releases, added on top of the 180 million. Since bottoming out at 346.7 million barrels, purchases have boosted the SPR to 363 million barrels, but have temporarily been suspended as oil prices are higher than the DOE's target range. Should oil prices drop, refills will likely resume. Additional context: Trump's admin also released oil from the SPR, with the SPR declining from 695 million barrels in Jan 2017 to 638 million barrels in Jan 2021.
The Biden administration sold 180 million barrels into the market shortly after oil spiked to $130 after Russia's invasion of Ukraine led to significant concerns over global oil supply. Prior to that, Congress also mandated releases, added on top of the 180 million. Since bottoming out at 346.7 million barrels, purchases have boosted the SPR to 363 million barrels, but have temporarily been suspended as oil prices are higher than the DOE's target range. Should oil prices drop, refills will likely resume. Additional context: Trump's admin also released oil from the SPR, with the SPR declining from 695 million barrels in Jan 2017 to 638 million barrels in Jan 2021.
@GasBuddyGuy Trump made a deal with Russia, Saudi Arabia, and other oil-rich countries to cut production and boost prices. He did this right before leaving office. It didn't take long before prices at the pump began to rise.
@GasBuddyGuy Didn’t the previous admin consider completely draining it?!
@GasBuddyGuy Seems to my like we should have a better measure of SPR adequacy than what would happen if we decided to completely stop producing and importing oil.
@GasBuddyGuy Is there data out there that shows the avg price the admin sold at?