The Strategic Petroleum Reserve is one of many items America has to keep us safe in times of emergency. Unfortunately, the Biden administration has been very quick to tap into that reserve to lover gasoline prices and save Americans money at their local gas statios
However, actions have consequences.
On September 7th, Forbes reported:
What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR that has taken place this year? Let’s discuss.
In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo.
Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.
That is disturbing.
The article includes the following chart:
Meanwhile, on Tuesday, NewsMax reported:
The United States plans to release an additional 10 million to 15 million barrels of oil from the country’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing, a Bloomberg reporter tweeted late on Monday.
The White House also plans to replenish the U.S. strategic petroleum reserve, the tweet said.
The Biden administration also has beeen speaking with energy companies as it considers its strategy to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter told Reuters.
If the Biden administration wants to lower gasoline prices, all they have to do is open America to drilling. However, the green energy lobby would no longer support them if they did that. It’s time to do what is right for the American people.