Biden administration says it has replenished strategic oil reserve after Russia war drawdown

The Biden administration says it has replenished the 180 million barrels of oil it withdrew from the nation’s Strategic Petroleum Reserve in response to high prices following Russia’s invasion of Ukraine. 

The Energy Department on Friday announced a 4.65 million barrel purchase, bringing the total purchased since the 2022 drawdown up to more than 40 million barrels.

In addition, the administration has worked with Congress to cancel 140 million barrels in planned sales — accounting for the rest of the 180 million. 

“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 written statement. 

“As promised, we have secured the 180 million barrels back to the Strategic Petroleum Reserve released in response to [Russian President Vladimir] Putin’s war in Ukraine – and we accomplished this while getting a good deal for taxpayers and maintaining the readiness of the world’s largest Strategic Petroleum Reserve,” she added. 

The department said that the 43.25 million barrels it purchased were procured at an average price of $77 per barrel, while the oil it sold in 2022 averaged $95 per barrel. 

The other 140 million barrels were essentially bought at $74 per barrel, a senior Energy Department official said. 

In 2022, Russia’s invasion of Ukraine drove up the price of oil, and in turn, the price at the pump for gasoline in America and around the world.

In response, the Biden administration announced that it would release 180 million barrels from the nation’s emergency stockpile.