The US Strategic Petroleum Reserve (SPR) has been misused in an attempt to roll back runaway gas prices due to a lack of leadership on how to resolve the energy crisis.
President Joe Biden allowed getting one million barrels per day from the SPR starting in March, but prices ran higher. Instead of lessening the burden with gas prices going up to more than $5 a gallon, he has made another crisis without replenishing the reserve at its lowest from 1985.
The Strategic Petroleum Reserve's Stated Purpose
According to recent DoE data, the SPR, a stash of crude oil kept by the US Department of Energy and meant for use in contingencies, has gone down to levels not seen since 1985, per Sputnik News.
Based on figures from its current inventory from June 24, 2022, the oil reserve is at 497.9 million barrels of oil (bbl), composed of 234.43 million bbl (sweet) and 263.5 million bbl (sour).
The data indicates a steep drop in reserves each month for six months, from January to April, then from May to June, with consecutive declines, citing Iran Press.
During 1985, the oil reserve was lower than 500 million barrels based on information from the US Energy Information Administration records.
The Strategic Petroleum Reserve is situated in Texas and Louisiana, where the store oil is kept, which was established in 1975 after the 1973 OPEC oil embargo targeting nations siding with Israel.
US presidents could opt to release barrels from the reserve if the oil supply disruption is bad enough, like an endangered economy or national security.
Former President Donald Trump vowed to top up the SPR in the spring of 2020 with cheaper oil prices, with the price getting very affordable. But Trump was only able to add four million barrels from 2019 to 2020, and it was 634 to 638 million barrels. By 2021, the oil reserve went down to 593. 6 million barrels because the White House allowed 50 million barrels to be used to lessen fuel prices.
The administration has been using the SPR since March due to the energy crisis then each month had one million barrels each day. A drop to 400 million barrels from 1983, it's hoped oil producers will drill and lessen fuel prices.
Gas Shortages To Affect Midterm Results
Instead of taking the point for mismanagement of energy policies, the president plays the blame game, but it is rejected. Americans don't believe what he says and want him to stop citing Putin's price hike; just admit it's his mistake.
Democrats see high fuel prices as a bloodbath in the midterm November elections, where the GOP will crush them. An ABC News/IPSOS poll done early in the month indicated inflation and fuel prices are important. But the president is seen as fumbling in these matters.
A low US Strategic Petroleum Reserve is used to lower runaway gas prices that are getting more expensive, with the reserve hitting 400 million barrels and the agenda of Democrats more important than solving the energy problem.
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