Biden Copies Trump Proposal To Refill Oil Reserves — And Spends Way More Doing It

[WestVirginiaRebel]

Daily Caller

The Biden administration announced plans Thursday to refill the Strategic Petroleum Reserve (SPR) two years after Democrats blocked the Trump administration’s similar, but cheaper proposal.

The Department of Energy (DOE) said it would initiate a long-term SPR replenishment plan involving a purchase of 60 million barrels of oil that would likely occur in 2023, according to the announcement. President Joe Biden has ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31 to combat rising gasoline prices.

The SPR, designed to store 714 million barrels of crude for emergencies, is currently at less than 600 million barrels, its lowest level since 2002, according to the Energy Information Administration. A release of 180 million barrels is expected to take the stockpile to about 400 million barrels, its lowest level since the 1980s, by the end of the year.

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