GOP Moves To Refill Biden-Drained Oil Reserves With $1.3B Bill

In an effort to undo more of Biden administration’s policies, House Republicans have introduced a $1.3 billion proposal to refill the Strategic Petroleum Reserve—a move that also clarifies the current administration’s pivot toward fossil fuel over green spending.

The bill, led by Rep. Brett Guthrie, earmarks $1.32 billion for replenishing the reserve and an additional $218 million for maintenance and repairs. Crucially, it repeals the drawdown mandate that triggered the largest SPR release in US history under former President Joe Biden, who authorized a draw of over 180 million barrels starting in 2021 to ease record-high gasoline prices.

“The bill would also begin refilling the dangerously low Strategic Petroleum Reserve,” Guthrie quoted in The Wall Street Journal, adding that it would claw back “green boondoggle” funds such as environmental justice block grants.

The legislation also proposes redirecting $6.5 billion in unspent funds from the Inflation Reduction Act’s climate provisions back into energy security—an explicit rebuke of Biden’s energy transition priorities.

“This bill would reverse the most reckless parts of the engorged climate spending,” Guthrie asserted.

The SPR currently holds just 399 million barrels—near its lowest level since the 1980s, as visualized in DOE data. Inventories were depleted sharply during Biden’s tenure, with critics alleging the drawdowns were timed for political optics before midterm elections. President Donald Trump, whose energy policies the bill echoes, has vowed to rapidly refill the SPR if re-elected.

“They put it all out because they thought they could keep gasoline prices down a little bit… just go past the election,” Trump said earlier this year.

While the Biden administration claims the SPR release helped cut gas prices by up to 40 cents per gallon in 2022, charts from AAA and WTI markets show prices rebounding in early 2025 before beginning to decline again in May—indicating market volatility continues despite intervention.

Energy analysts warn that without adequate reserves, the US is exposed to severe supply shocks.

WTI crude remains below $65 per barrel, making current prices potentially advantageous for SPR refills.


Information for this briefing was found via ZeroHedge and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Silver Catch-Up Time: Why the 7:1 Gold-Silver Ratio Matters [Summa-Silver47 Merger]

$8,900 Gold? Why Silver and Miners Could Outperform | Ronald-Peter Stöferle

Gold Could Easily Double Again in This Run!? | Dan Wilton – First Mining Gold

Recommended

PTX Metals Intersects 97 Metres Of Mineralization In Latest Assay Results At W2

Goliath Resources Identifies 26.47 Metre Interval Of Visible Gold In Hole GD-22-64

Related News

Veto But No Plan: Biden Threatens To Quash Congress Bill Limiting His SPR Authority

After US President Joe Biden’s historic releases from the Strategic Petroleum Reserve (SPR) sent the...

Friday, January 27, 2023, 04:01:00 PM

U.S. Oil Reserves See Turnaround After Massive 2022 Release

After a steep drop in recent years, the U.S. Strategic Petroleum Reserve (SPR) is showing...

Saturday, November 16, 2024, 11:46:00 AM

Zoltan Pozsar: Gold At $3,600 Is Not Improbable If US Refill Reserves With Russian Oil

In his latest dispatch, Credit Suisse contributor Zoltan Pozsar shifted focus on his ongoing series...

Tuesday, December 6, 2022, 10:26:14 AM

US Continues To Deplete Strategic Petroleum Reserves, Now At A Record 38-Year Low

Continuing on with its plan of releasing 1 million barrels per day, the United States...

Tuesday, September 13, 2022, 10:47:33 AM

House GOP Tax Bill: Raises Debt Limit By $4T, Spares the Wealthy

House Republicans released a sweeping 389-page tax bill that proposes $4 trillion in tax cuts...

Tuesday, May 13, 2025, 08:22:00 AM