The US is about to sell another 26M barrels of oil reserves — depleting the 'oil piggy bank' even further. But here is President Biden's 3-part plan to replenish it

While the Biden administration has a three-part plan to refill the emergency reserves, they’re already down to 372 million barrels — a record low since 1983. And the coming release is expected to push stockpiles down even further.

This year’s SPR release was mandated by Congress years ago

Legislation from 2015 established SPR sales from 2018 through 2025 to fund federal spending — which means Congress would have needed to intervene to halt this year’s sale.

The Energy Department says bids on the oil are due on Feb. 28 and that the oil will be delivered from April 1 to June 30.

This comes after last year’s withdrawal of 180 million barrels to counter supply issues created from Russia’s invasion of Ukraine.

Some experts opposed the plan to drain the SPR — which was established for emergency use during an oil supply or economic crisis — calling it a political move to reduce domestic gas prices.

While another 140 million barrels were mandated for release between the 2024 to 2027 fiscal years, Congress canceled the sale after a proposal from the Energy Department to stop it.

“This action will not only maintain volume but also ensure the best value for taxpayers at approximately $74 a barrel that avoids unnecessary releases to the market when there is not a supply disruption,” the department said in a statement.