Washington, D.C. – According to reports this morning, the Biden Administration plans to buy back oil for the Strategic Petroleum Reserve (SPR) after authorizing massive releases in a failed attempt to reign in energy prices. Some of the oil placed into the SPR was purchased at an affordable price when America was energy independent and now the Biden Administration wants to purchase oil at the current skyrocketing prices. At the same time, the President's administration is shutting down American energy production. 

"President Biden drained our strategic reserve to try to cover for his energy failures and now he's going to double-down on this lunacy by replacing affordable, American oil with high-priced oil, likely produced from outside our country," said Daniel Turner, Founder and Executive Director for Power The Future. "None of this is going to help Americans who are facing massive inflation and record-setting gas prices, but that doesn't matter to President Biden as he only wants to cover-up his failures through the midterms." 

The price for a barrel of oil hovered around $110 Thursday morning, just a couple of months after President Biden announced the biggest drain ever on the SPR.

Power The Future is a 501c4 non-profit dedicated to fighting for American energy workers.