The president cannot keep going back to the Strategic Petroleum Reserves.
, it was a historic moment — marking the largest and fastest release of oil from the national emergency stockpile since its creation in 1973.
Biden’s approval ratings rose as gas prices fell, and Democrats, bracing for a brutal red wave in the November midterm elections, appeared to breathe a sigh of relief.announced on Oct. 5 that it would slash its oil production by 2 million barrels per day, the largest reduction since the start of the COVID-19 pandemic.
When he first announced the drawdowns in March, the United States had around 575 million barrels of oil stored in its underground reserves. Now, those stockpile supplies have dwindled to their lowest point in four decades — down to about 416 million barrels, according to data from the Energy Information Administration. Experts warn that continuing to put additional SPR on the market could pose a major national security risk.
“If you deplete the reserves, then you'd have fewer barrels to be able to put on the market when you really need it, and then you have to go back, hat in hand, toIn addition, the Biden administration has not yet begun to replenish the SPR supply — something it is obligated to do without emergency congressional intervention. Another question is when it plans to buy back the oil sold, as oil prices are likely to remain high for the foreseeable future.
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