 Energy & Environment |
Energy & Environment |
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Biden administration replenishes strategic oil reserve |
The Biden administration says it has replenished the 180 million barrels of oil it withdrew from the nation's Strategic Petroleum Reserve in response to high prices following Russia's invasion of Ukraine. |
© Department of Energy via Associated Press file |
The Energy Department on Friday announced a 4.65 million barrel purchase, bringing the total purchased since the 2022 drawdown up to more than 40 million barrels. In addition, the administration has worked with Congress to cancel 140 million barrels in planned sales — accounting for the rest of the 180 million. "This milestone is a proof point that when the Biden-Harris Administration makes and implements a plan, we deliver for the American people," Energy Secretary Jennifer Granholm said in a written statement. "As promised, we have secured the 180 million barrels back to the Strategic Petroleum Reserve released in response to [Russian President Vladimir] Putin's war in Ukraine – and we accomplished this while getting a good deal for taxpayers and maintaining the readiness of the world's largest Strategic Petroleum Reserve," she added. The department said that the 43.25 million barrels it purchased were procured at an average price of $77 per barrel, while the oil it sold in 2022 averaged $95 per barrel. The other 140 million barrels were essentially bought at $74 per barrel, a senior Energy Department official said. In 2022, Russia's invasion of Ukraine drove up the price of oil, and in turn, the price at the pump for gasoline in America and around the world. Read more in a full report at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, we're Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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A select committee of the Texas state Senate lambasted executives from a Houston-area power company Monday over the utility's preparation for Hurricane Beryl, which left millions of Texas residents without power for days after the storm. |
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Eight protesters were arrested Monday during a climate protest outside of vice presidential candidate Sen. JD Vance's (R-Ohio) office. |
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Six common wildlife species in Virginia have high rates of the virus that causes COVID-19 — a disease they likely caught from humans. |
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Branch out with a different read on The Hill: |
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A massive wildfire is engulfing Northern California in flames — ravaging structures and forcing the evacuation of thousands of residents from their homes. The Park Fire, California’s largest … |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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The Future of Deep Sea Mining Hinges on a Contentious Election (Bloomberg)
Kamala Harris Touted a $5B Electric School Bus Program. Three Years Later, It's Produced Just 60 Buses. (The Washington Free Beacon) Some condom and lubricant brands contain alarming levels of PFAS – study (The Guardian)
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Two key stories on The Hill right now: |
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President Biden's former communications director poured water on some Democrat's concerns Sunday that former President Trump implied there won't be future elections if he's elected again. Read more |
| The GOP mayor of Mesa, Ariz. — Phoenix's largest suburb — endorsed Vice President Harris on Monday, saying only the vice president can "put country over party" in the November election. Read more |
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You're all caught up. See you tomorrow! |
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