Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump.
This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have fallen modestly since March’s policy was implemented, this decision and other legislation by this administration has placed the United States’ oil reserves in a precarious place.
SPR inventories stood as high as 638,086,000 barrels when President Joe Biden was inaugurated in late January 2021. According to the U.S. Energy Information Agency’s latest report, November 11, 2022 SPR inventories were at 392,119,000 barrels. That is a decrease of 245.97million barrels (-38.55%).
SPR reserves are now at their lowest point since March 1984, with a decline of fewer than 400million barrels. However, these headlines fail to tell the truth about Biden’s effort to deplete the SPR — which now essentially stands at about 100 million barrels, some 75 percent less than…