Trickle-down theory: Biden Energy Dept. refills bottom of Strategic Petroleum Reserve barrel

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Strategic Petroleum Reserve remains low. Chart credit: YCharts.com

The nation’s emergency oil reserves are down to seeds and stems, but the Biden Administration has now fulfilled its December promise to purchase 3.2 million barrels of oil for the Strategic Petroleum Reserve.

That leaves nation’s emergency supply of oil 17 million barrels short of where it was in January of 2023, with only 300 million to go to restore it to Trump Administration levels.

The Biden Administration has been draining the reserve to tamp down gas prices during the past three years, selling off record-setting amounts of oil at a pace that has alarmed some energy analysts.

“The 3.2 million barrels are being purchased for an average price of $75.96, well below the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers. To date, DOE has purchased a total of 17.03 million barrels of oil for the SPR for an average price of $75.75, as well as accelerated nearly 4 million barrels of exchange returns, pursuant to its strategy to refill the SPR,” the Energy Department wrote on Friday.

In earlier news releases from December, the government said it would buy back oil at a price lower than $72 a barrel, but the $4 delta is due to the commodity not hitting the administration’s hoped-for price.

Analysis from the Department of the Treasury shows the sell-off of the emergency supply reduced gas prices for consumers by “as much as 40 cents per gallon,” the Energy Department said. 

AAA reports the average price of regular gas in America today is $3.082 per gallon. In Alaska, the average is $3.53, and Hawaiian drivers are paying $4.67, the highest in the nation, followed by Californians, who pay $4.51, largely because of high taxes.

The current national average is three cents more than a month ago but 26 cents less than a year ago.

According to AAA, gas prices are well over what they were when Biden took office. In January 2021, at the end of the Trump Administration, drivers paid an average of $2.39 per gallon.

20 COMMENTS

  1. In the last sentence of this post it is stated that in January 2021 gasoline was at $2.39. This in the midst of the Covid crisis with unemployment at 6.4%. The vaccines had only been out for a little over a month. Not too many families headed across the country to Disney or flying for that matter. This is not the time in history most would long for.

      • So refute what Sebastian wrote. If you think that Sebastian has no clue what they are talking about, show it.

        You wanna be a grown up, stop using a fake name, learn the difference between quiet and quite, and refute what others write. Pretty simple.

        Your go to insult in these comments is calling someone a child and never arguing their point.

        Personal attacks don’t help your argument

  2. The only thing trickling-down from the China Joe PotatoHead regime is the foul brown liquid escaping his Depends. The husk-in-chief is as incontinent in mind as in body.

      • Yes, I have noticed that, TMA, but I just assume the phenomenon to be a reflection of radical leftists mindlessly parroting the corporate media propaganda and establishment programming that they automatically swallow hook, line and sinker, only to then regurgitate it undigested and on command.

  3. Left out of this was
    -1: the reason Grandpa Bloodstains had to recklessly tap the reserve to begin with.
    -2: the reserve could have even been higher had Trump been allowed to fill it during his Presidency.
    -3: the fact that under Grandpa Bloodstains the world has gone to hell and the reserve might be actually needed when Grandpa’s criminal negligence (see Iran, among many others) triggers a major war.
    -the left is desperate to take this issue off the table before Trump crams it down Grandpa Bloodstains political throat.
    -4: distracting us from the massive incompetence of Grandpa Bloodstains policies, his destruction of the border, and his assault on “democracy”

    • MA – Grandpa Diaperstains/91 felonies left office with less oil in the reserve than when he started. Now I’ll be real quiet while you explain to us how that happened. Enlighten us. You can also tell us why my earlier comment didn’t set well with you. Let’s see your “research!”

      • Child, again you have no idea what you are talking about.

        If you are really quite, pay attention, and stop with your cranial rectal inversion you might…might…learn something.

        • Lets hear your reasoning on my statements – not just this quiet down bs. You have nothing to offer but jibberish. To clarify, Trump left office with less oil in the reserve than when he started. What’s your take on this? Mom just whistled, time for dinner Avenger.

          • Oh child. Oh, you sweet, sweet, stupid summer child.

            I’m so, so, far ahead of you I already anticipated and answered your “ question” long before you ever thought to ask it. I’m not in the habit of wasting the few years I have left on repeating myself to uneducatable trolls.

            Go get a coloring book and some crayons before you hurt yourself.

  4. Does anyone else remember when Trump tried to fill the Strategic Petroleum Reserve by buying almost 80 million barrels for under $25 per barrel but the Democrats balked and didn’t allow it? I remember that because it was less than 4 years ago. Now we are supposed to be happy that Biden is spending three times the amount to buy 3 million barrels?

    • Yep. Schumer went on CNN and called it an ‘oil company bailout’.
      I’m cynical AF, but in my better moments I try to understand what could have possibly the upside for Democrats blocking Trump from buying oil at the lowest price point we’ll likely ever see again.

      And I can’t figure it out. Best I can figure is they were trying to do as much damage to red state oilfield workers as possible while their local surrogates were locking everyone down. IE, just another example of friend/enemy politics. I’ll never forget the cheerful tone of the NYT reporting on struggling oilfield workers when there were reversals in that industry.

      Or perhaps just a raw desire to injure American energy security. Break the piggy bank because they are unhappy with there being a tool for moderating energy price spikes. They want 1973 all over again so they can take ‘radical action’ to ban things they don’t like. Hard to create a short term energy crisis when we have a large petroleum ‘battery’ on tap.

  5. Our strategic reserved used for political benefit’s.
    That should be a treasonous event.
    All Americans should be made at this personal benefit at the expense of all taxpayers.

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