Biden's Energy Department on Monday announced its intention to purchase up to three million reserve barrels as a "continuation" of the president's "replenishment strategy." So far, however, that "strategy" has seen the Democrat fail to purchase a single barrel of reserve oil. The administration first tried to purchase three million reserve barrels in December, when Biden kicked off his "plan to replenish the SPR." One month later, Biden's Energy Department revealed it had rejected all offers it received to purchase the oil because those offers "were either too expensive or didn't meet the required specifications."
Republicans have hammered Biden for his management of the reserves, which sit at their lowest levels in four decades after the Democrat last year sold 180 million reserve barrels in an attempt to lower gas prices ahead of a difficult midterm election. While Biden responded by pledging to "refill" the reserves with oil his administration would purchase this year, the Democrat has so far made no progress. If Biden's Energy Department does manage to fulfill its recently announced purchase plan, the oil would be delivered to the reserves in August, meaning Biden would have secured just three million reserve barrels in eight months. At that pace, it would take the Democrat 40 years to procure the 180 million barrels he sold.
Energy Secretary Jennifer Granholm, whose office did not return a request for comment, has confirmed that the administration will be unable to refill the reserve to the levels Biden inherited. "We will begin that process this year, but to refill the full amount is impossible," Granholm admitted in March. For Wyoming's John Barrasso, who serves as the top Republican on the Senate Energy Committee, that answer is unacceptable.
