Senate Majority Leader Chuck Schumer, D-N.Y., refrained from criticizing President Biden’s Department of Energy for a significant oil purchase aimed at replenishing the Strategic Petroleum Reserve (SPR), a move that starkly contrasts with his condemnation of former President Trump’s similar attempt in 2020.
The Department of Energy announced on Monday a purchase of 4.65 million barrels of oil to help replenish the SPR, which has been utilized by the Biden administration to address high gas prices. The oil was acquired at an average price of $77 per barrel.
Secretary of Energy Jennifer Granholm lauded the administration’s focus on the economic and energy security of the American people, stating, “From the beginning, this administration has put the economic and energy security of the American people first. This milestone is a proof point that when the Biden-Harris Administration makes and implements a plan, we deliver for the American people.”
The oil purchase did not receive much attention from lawmakers, as the investigation into the recent attempted assassination of Trump dominated the news cycle. Additionally, key legislative matters such as online safety for minors and a potential expansion of the child tax credit were on the agenda, diverting attention away from the oil purchase.
Schumer’s office declined to comment on the difference between Trump and Biden’s oil purchases for the SPR, as well as whether Biden’s move could be seen as “bailing out” large oil companies. During the COVID-19 pandemic in 2020, the Trump administration’s proposal to include $3 billion for oil purchases in the stimulus package was met with criticism and ultimately excluded from the final draft of the legislation.
Schumer had previously referred to Trump’s proposal as a “$3 billion bailout for big oil.” The lack of criticism from Schumer towards Biden’s oil purchase has raised questions about the differing reactions to similar actions by different administrations.
Overall, the oil purchase for the SPR has sparked debate and scrutiny, highlighting the complexities of energy policy and government intervention in the oil market.
