The Biden administration recently made a significant oil purchase to replenish the Strategic Petroleum Reserve (SPR), a move that has drawn criticism from Republicans. The Department of Energy (DOE) announced the purchase of 4.65 million barrels of oil for the SPR, but the response was relatively muted, with many lawmakers unaware of the transaction.
Comparisons have been drawn to a similar proposal made by the Trump administration in 2020, which was met with opposition from Senate Democrats who viewed it as a 'bailout' for Big Oil. The Biden administration's purchase of 43.25 million barrels of oil at an average price of $77 per barrel has raised eyebrows, especially considering the higher price compared to previous years.
