Biden Depletes Emergency Oil Reserves and Refuses to Replenish
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Biden squandered our emergency oil reserves, now he won’t refill it
Biden Depletes Emergency Oil Reserves and Refuses to Replenish
Joe Biden has once again drawn ire for his administration’s decision to halt plans to refill the Strategic Petroleum Reserve (SPR), which he previously tapped into to manipulate gas prices ahead of the 2022 midterm elections.
What exactly is the SPR? It serves as our nation’s emergency oil reserve, intended for use during critical times such as wartime or natural disasters.
The lowdown: Just last month, the Biden administration’s Department of Energy announced intentions to purchase three million barrels of oil to kickstart the process of refilling the SPR. However, the plan came to an abrupt halt due to the soaring cost of oil.
When Donald Trump vacated the Oval Office, the SPR boasted a stockpile of 638 million barrels. Fast forward to Biden’s tenure, and that number has plummeted by 43%, leaving the reserve at a measly 363 million barrels – a dismal figure not seen in four decades.
Political maneuvering: As gas prices skyrocketed to over $5 per gallon (national average) in the lead-up to the 2022 midterms, Biden made a controversial move by offloading 180 million barrels from the SPR in a bid to artificially deflate prices.
A tale of contrasting leadership: While Biden opts to drain our reserves, Trump had proposed topping them up as he exited office, suggesting an injection of 77 million barrels while oil prices were at their lowest. However, Congress balked at providing the necessary funding.
Facing reality: Today, the national average gas price is steadily climbing, currently resting at $3.56. With the 2024 presidential election looming, there’s speculation that Biden might resort to selling off the remainder of the SPR if prices continue to surge. 🙃
[Source: Roll Call, AAA Gas Prices, EIA Gov, Fox Business]
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