The Department of Energy (DOE) is reportedly gearing up to purchase one million barrels of oil to replenish the U.S. Strategic Petroleum Reserve (SPR), a move following the Biden administration's previous depletion of the reserve.
This decision comes after the administration once bypassed the opportunity to restock due to elevated oil prices, as reported by Bloomberg on Tuesday.
According to Bloomberg, the DOE aims to capitalize on the current dip in oil prices by scheduling deliveries for December and January, utilizing funds from the One Big Beautiful Bill Act. Despite President Donald Trump's efforts to replenish the reserve towards the end of his term, the Biden administration allowed the SPR to plummet to its lowest level since 1983, as noted by the Federal Reserve Bank of Dallas.
Energy policy experts have previously criticized President Biden for depleting the reserve to perilously low levels and subsequently opting not to refill it in April 2024, when oil prices hovered around $85 per barrelsurpassing the administration's target of $79 per barrel.
This decision followed Biden's utilization of the SPR ahead of the 2022 midterm elections, a period marked by soaring gas prices that posed a significant political hurdle for the President and his Democratic allies.
Tom Pyle, President of the American Energy Alliance, remarked to the DCNF, "It was a colossal mistake to use the strategic petroleum reserve as a strategic political reserve to try to buy Biden some goodwill during the midterms."
He further criticized the administration's actions, stating, "It is unconscionable that the administration would use a hedge against these sorts of unpredictable geopolitical events to win a few seats in a midterm election. [the decision] puts us in a precarious position, because we do not know how things in the Middle East might escalate given this shocking and unprecedented event."
As of June 2025, the SPR contained 402 million barrels, according to the Energy Information Administration (EIA). While current levels surpass those of 2023 and 2024, they remain significantly below the 638 million barrels recorded at the close of 2020. President Trump had shown interest in refilling the SPR during his tenure, though his efforts faced opposition from Senate Democrats, including Minority Leader Chuck Schumer.
Under Biden's administration, oil and gas prices surged, with gas prices reaching unprecedented highs in June 2022 and the national average per-gallon price exceeding $5. The White House has recently highlighted that gas prices hit a four-year low during Trump's presidency, referencing data from GasBuddy.
In a notable development, the U.S. achieved record oil production in June, as per EIA data. Energy sector experts have acknowledged Trump's pro-oil and drilling policies as contributing factors, while also emphasizing the resilience of the oil and gas industry in achieving these record levels.
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