Biden's Strategic Oil Game: Last Buy for Reserve Tightens the Cap

The Biden administration completed its last purchase of oil for the Strategic Petroleum Reserve after a record sale in 2022. The sale raised $17 billion to counteract high fuel prices. The U.S. Energy Department's recent purchases and strategic management strategies aim to bolster domestic energy security amid global market changes.

The Biden administration announced on Friday that it completed its final strategic oil purchase after a record sale in 2022 aimed to combat escalating fuel prices triggered by Russia's invasion of Ukraine.

This purchase brings in 2.4 million barrels for the Strategic Petroleum Reserve (SPR) at the Bryan Mound site in Texas. Last year's sale of 180 million barrels generated nearly $17 billion, though Congress cut $2.05 billion to aid national deficit reduction.

U.S. Secretary of Energy Jennifer Granholm emphasized that the administration's moves prioritize American economic and energy security, providing stability and sustaining the SPR as the world's main emergency oil source amid evolving domestic energy dynamics.

(With inputs from agencies.)