Nov. 8 (UPI) — The U.S. Department of Energy said Friday that 200 million barrels of oil have been bought and delivered for the strategic oil reserve.
The last purchase of 2.4 million barrels will arrive in the spring, putting 20 million more than the 180 barrels sold in 2022 back into the Strategic Petroleum Reserve.
The final oil purchase is set to be delivered between April 1 and May 31. The average price, according to DOE, was $74.75 per barrel.
U.S. Energy Secretary Jennifer Granholm said in a statement, “With the awarding of these contracts, DOE has fully utilized all funding allocated for crude oil purchases following the sale of 180 million barrels in response to the Russian invasion of Ukraine and secured 20 million more barrels at a good price for taxpayers.”
She added, “This milestone cements President Biden and Vice President Harris’ commitment of putting the economic and energy security of the American people first with actions that steadied prices at the pump, provided certainty to industry, and maintained the SPR as the world’s largest supply of emergency crude oil.”
The last purchase contracts of the Biden-Harris administration for the SPR were awarded Nov. 7.
President Biden used 180 million barrels from the reserve using an emergency declaration following Russia’ invasion of Ukraine in 2022.
According to DOE, the release was done to “address the significant global supply disruption caused by Putin’s war on Ukraine and help keep the domestic market well supplied, ultimately helping to bring down prices for American consumers and businesses.”
According to the Treasury Department, the oil releases from the SPR combined with coordinated releases from U.S. partners, reduced gasoline prices by as much as 40 cents per gallon.
The DOE announced in July that the 180 million barrels sold from the SPR were replenished when 140 million barrels were secured by working with Congress to cancel previously mandated sales.