Series of Bad Decisions: Biden Refills Strategic Petroleum Reserve at Cost for US Taxpayers

Team Biden is doing damage control ahead of the election by hastily refilling the Strategic Petroleum Reserve (SPR). Alas, it is coming at a cost for American taxpayers as the administration is purchasing crude at twice the historic average, Just the News says.

The US Department of Energy (DOE) is currently buying three million barrels a month to refill the nation's SPR in the wake of Joe Biden's release of over 225 million barrels of oil between March 2022 and August 2023, dumping levels in the reserve to the lowest in 40 years.

Tim Stewart, president of the US Oil and Gas Association, alleges that Team Biden is doing nothing short of damage control ahead of the 2024 election given that the nation's depleted SPR has recently become the public's concern.

"Prior to 2022, the average person knew nothing about the SPR. That has completely changed. When the lovely 75-year-old blue-haired lady at church complains to me how Biden has drained the SPR – they must have caught the public's attention," Stewart told Just the News, an independent US media outlet founded by award-winning investigative journalist John Solomon.

Apparently, the Biden administration would have bought "refill barrels" at a greater pace, but it is facing limits on how much crude can be funneled into the reserve per month. That means it will take a whopping 75 months to bring the SPR back to the level at which it was before US President Joe Biden started draining it.

To sweeten the pill, the US administration triumphantly claims that it is buying oil for the SPR at an average price of $77.31 per barrel, which is considerably below the average of $95 per barrel it was in 2022.

Per Stewart, it's by no means "a good deal for American taxpayers": one should bear in mind that the average price paid per barrel in the SPR has been $29.70 per barrel, the expert pointed out.

It appears that the Biden administration is guided by its own political interests rather than those of the nation. It began draining the SPR in spring of 2022, ahead of the midterm election: at the time gasoline prices went up and American voters were not happy with that.

Still, Just the News failed to mention that the hike in prices was partially caused by Team Biden's energy sanctions slapped on Russia over Moscow's special military operation in Ukraine. If one digs deeper, one would learn that the special military operation started after the Biden administration snubbed Moscow's draft security agreement aimed at safeguarding Europe's peace, protecting Russia's borders and restoring the balance of forces vis-à-vis NATO.

Now, the Biden administration is buying oil at twice the historic average to replenish the SPR before the 2024 presidential election in a bid to look good in the eyes of the US voters. The crux of the matter is that the US administration and the Democratic Party in general may have avoided this tricky situation ahead of the election if it had green-lighted Donald Trump's initiative to fill the SPR at the time when oil prices were extremely low, per Stewart.

Back in 2020, in the midst of the COVID pandemic, then US President Donald Trump moved to buy oil for the SPR when West Texas Intermediate (WTI) oil prices were under $25 per barrel. Trump requested $3 billion from the US Congress to jump at this lucrative opportunity, but Democratic lawmakers nipped the president's endeavor in the bud. Per Just the News, Democratic lawmakers bragged at the time that they had "eliminated a $3 billion bailout for big oil."

"They could have picked up several hundred million barrels at $15, but because it was what President Trump wanted, Congress said no," Stewart told the media outlet.

The Biden administration's blunders have not gone unnoticed by the US public. A new Gallup poll shows that none of the US federal government's top officials have a job approval rating above 50%. When it comes to President Joe Biden, he ended 2023 with "a persistently low job approval rating of 39%," per the pollster.