White House asks Congress for $500 million to upgrade SPR facilities

The Biden administration asked Congress for $500 million to upgrade the US Strategic Petroleum Reserve (SPR) facilities.

In order to lower oil prices, the US President announced the release of the largest oil volumes of 180 million barrels. The release of oil pushed supplies in the SPR to its lowest level since March 1984.

The White House request suggests that the funding will allow the US Strategic Oil Reserve to maintain operational readiness levels. Funding will also help reduce expected shortfalls due to challenges with the COVID-19 pandemic, supply chains, as well as related schedule delays.

Charisma Troiano, a spokeswoman for the Department of Energy, said the money is needed to make infrastructure repairs and keep SPR ready for future scheduled sales. Troiano believes the financial support will also help address disruptions in the global energy supply chain.