Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel, even though the White House previously stated that the department would begin buying back oil at a price of $67 to $72 per barrel.

The Energy Department declared that it would start to repurchase crude oil at a lower price than the $96 per barrel average price that barrels were previously sold for to secure a “good deal” for the taxpayer, according to an official press release. However, the White House said in October that the department would buy oil back once the average price of oil reached $67 to $72 a barrel, touting the plan as a “win for taxpayers.”

The price of Brent crude oil, the leading global crude price benchmark, closed at $81.21 per barrel on Thursday, according to Business Insider.