Strategic Oil Reserves 2024. The strategic petroleum reserve (spr) was established to protect against oil supply disruptions. Biden’s administration sold off more than 40 percent of the strategic petroleum reserve last year to help limit rising fuel prices after russia invaded ukraine,.
President joe biden’s administration said on friday it has increased purchasing of crude oil to replenish the strategic petroleum reserve following its. Department of energy confirms that more than 40 million barrels have been purchased and delivered or.