Biden Releases 15M More Barrels From Emergency Oil Reserve, Plans to Refill at $70 — Two Years After Democrats Blocked Trump From Filling at $24

On 10/19/2022, President Biden announced the release of 15 million more barrels from the Strategic Petroleum Reserve — 20 days before the midterm election — and revealed plans to refill the reserve “when prices fall to $70 a barrel.” Biden sold SPR oil at roughly $90 per barrel and proposed buying it back at $70, framing the $20 spread as “a profit for taxpayers.” But just two years earlier, Democrats had blocked President Trump’s proposal to fill the reserve at $24 per barrel — meaning the government was now planning to buy oil at nearly three times the price Democrats rejected. When reporters asked directly whether the release was “a ploy ahead of the midterms,” Biden snapped: “Where have they been the last four months? That’s my response!"

"Ready, Set, Go?” — The Announcement

Biden opened with his characteristic casual aside. “Ready, set, go? Well, good afternoon,” Biden said before launching into the policy announcement.

“Today I’m announcing I’m planning to refill the strategic petroleum reserve in the years ahead at a profit for taxpayers,” Biden said. “The United States government is going to purchase oil to refill the strategic petroleum reserve when prices fall to $70 a barrel.”

Biden framed the plan as a win-win: sell high, buy low, profit for taxpayers. “Refilling the reserve at $70 a barrel is a good price for companies and it’s a good price for the taxpayers,” Biden said.

The $70 price guarantee was also designed as an incentive for domestic production. “That means oil companies can invest to ramp up production now, with confidence they’ll be able to sell their oil to us at that price in the future,” Biden said.

The $24 vs. $70 Problem

The most devastating context for Biden’s $70 refill proposal was the price Democrats rejected just two years earlier. In March 2020, when oil prices crashed below $25 per barrel during the pandemic, President Trump proposed filling the SPR at approximately $24 per barrel — acquiring American oil at historically low prices and supporting domestic producers during a period of collapsing demand.

Congressional Democrats, led by Senator Chuck Schumer, blocked the purchase, arguing it would be a “bailout for big oil.” The purchase was stripped from the CARES Act during negotiations.

Two years later, Biden was proposing to buy the same oil at $70 per barrel — nearly three times the price Democrats rejected. The math was stark: had Democrats allowed Trump’s $24 purchase, the government could have acquired the same oil for roughly one-third the cost Biden was now proposing. The decision to block the 2020 purchase cost taxpayers tens of billions of dollars in lost value.

”Where Have They Been the Last Four Months?”

A reporter asked the political question directly. “What is your response to Republicans who say you are only doing this SPR release to help Democrats in the midterms?” the reporter asked.

Biden’s response was irritated and dismissive. “Where have they been the last four months? That’s my response,” Biden snapped.

A second reporter followed up. “Is it politically motivated, sir? This release before the midterms?”

“No, it’s not! Look, it makes sense. I’ve been doing this for how long now?” Biden said. “It’s not politically motivated at all. It’s motivated to make sure that I continue to push on what I’ve been pushing on.”

Biden’s defense — that the releases had been ongoing for months — actually reinforced the political motivation argument rather than undermining it. The SPR releases began in March 2022 and continued through the midterm election, with the timing, pace, and announcements aligned precisely with the period when gas prices were Biden’s greatest political liability.

”My Administration Has Not Stopped or Slowed Oil Production”

Biden made an assertion that was immediately contradicted by his own past statements. “Let’s debunk some myths here. My administration has not stopped or slowed U.S. oil production. Quite the opposite,” Biden said.

The video then cut to Biden’s own 2020 campaign statements: “Make sure it’s eliminated. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill. Period.”

The contradiction was not subtle. Biden had campaigned explicitly on ending fossil fuel drilling, then claimed as president that he had never slowed production. The administration had canceled the Keystone XL pipeline on day one, paused federal oil and gas leasing, proposed new methane regulations, and signaled through every available channel that the fossil fuel industry had no long-term future under Democratic governance.

While total U.S. oil production had increased during Biden’s presidency — largely due to private-land drilling on leases that predated his administration — the growth was slower than it would have been without the regulatory uncertainty and hostile signals Biden’s policies created. The industry’s reluctance to invest in new long-term production was partly a response to the president’s own rhetoric about ending fossil fuels.

”The Choices Made by Other Countries”

Biden attributed high prices to foreign actors. “The choices made by other countries are affecting the price of gas here at home. That’s why I’ve been acting so aggressively,” Biden said.

The framing blamed OPEC+, Russia, and other producers while ignoring the domestic policy decisions — canceling pipelines, restricting leasing, discouraging investment — that reduced America’s energy independence and increased vulnerability to foreign supply decisions.

”I Come From a Family”

Biden deployed his working-class empathy pitch. “I come from a family — if the price of gasoline went up at the gas station, we felt it,” Biden said. “Gas prices hit almost every family in this country, and they squeezed their families.”

The personal touch was undercut by a factual problem: gas prices were relatively flat during Biden’s childhood in the 1940s and 1950s, held steady by post-war price controls and stable supply. The dramatic gas price volatility Biden described was more characteristic of the 1970s oil crises — when Biden was already a U.S. Senator, not a child feeling the pinch at the family dinner table.

State-by-State Gas Price Drops

Biden listed recent price declines as evidence of progress. “Gas prices have come down. They’re now down more than 27 cents a gallon in Wisconsin this past week. 27 cents in Oregon, 16 cents in Ohio, 25 cents in Nevada, 17 cents in Indiana. Just the last 10 days, and that’s progress,” Biden said.

The state-by-state breakdown was designed for local media pickup in swing states — Wisconsin, Ohio, Nevada, and Indiana all had competitive races. The selection was not accidental: Biden was providing soundbites that local news stations in politically important states could replay.

Key Takeaways

• Biden released 15 million more barrels from the SPR, 20 days before the midterm election, and proposed refilling at $70/barrel — nearly three times the $24 price Democrats blocked Trump from purchasing at in 2020.
• When asked if the release was a midterm “ploy,” Biden snapped “Where have they been the last four months?” — a defense that reinforced rather than refuted the political timing concern.
• Biden claimed “my administration has not stopped or slowed oil production” — directly contradicted by his 2020 campaign pledge of “no more drilling, period.”
• He blamed foreign countries for high prices while ignoring domestic policy decisions that reduced American energy independence.
• Biden listed gas price declines in swing states specifically — Wisconsin, Ohio, Nevada, Indiana — providing soundbites tailored for local media in politically important markets.

Transcript Highlights

The following is transcribed from the video audio (unverified — AI-generated from audio).

• I’m planning to refill the strategic petroleum reserve when prices fall to $70 a barrel. A good price for companies and a good price for taxpayers.
• What is your response to Republicans who say you are only doing this SPR release to help Democrats in the midterms? Where have they been the last four months?
• Is it politically motivated? No, it’s not. Look, it makes sense.
• My administration has not stopped or slowed U.S. oil production. / No more drilling on federal lands. No more drilling. Period.
• The choices made by other countries are affecting the price of gas here at home.
• Gas prices are down 27 cents in Wisconsin, 27 cents in Oregon, 25 cents in Nevada. That’s progress.

Full transcript: 518 words transcribed via Whisper AI.