The latest DOE purchase request, when filled, will bring the total amount the DOE has purchased to refill the nation’s energy stockpiles to approximately 56 million barrels, according to OilPrice.com. The SPR contained over 630 million barrels of crude oil when President Joe Biden took office in January 2021.
“On top of the 140 million barrels of oil secured by working with Congress to cancel previously-mandated sales, this brings the total purchased or kept in the SPR since 2022 to 180 million barrels – the full amount sold following the unprecedented Russian war against Ukraine,” the DOE release stated.
Assuming the DOE continues to purchase 3 million barrels of oil per month and there are no further drawdowns of the SPR — an unlikely prospect — the stockpile will be back to where it was when Biden took office in about seven years.
In July, the DOE announced it had awarded a contract for the purchase of 4.65 million barrels of crude oil for the SPR, which brought the total amount for its refilling to 43.25 million barrels.
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