By Patrice Douglas
Real Clear Energy, November 17, 2022
Our nation’s Strategic Petroleum Reserve (SPR) is running dangerously low. New statistics released indicate our national emergency oil stockpile, which is intended to protect the United States from unexpected and severe supply disruptions, has hit another historic low. It’s a dangerous point for the United States, and even worse, it’s self-inflicted. With these facts in mind, new reports indicate the Biden administration plans to sell oil from the Strategic Petroleum Reserve in an attempt to assuage fuel prices, which was on the forefront of the mind of voters in last week’s midterm elections.
According to new data released from the Energy Information Administration, our oil reserves stockpile is down to just 396 million barrels. The sharp drop, now down to its lowest level since April 1984, isn’t due to natural disasters, trade embargoes, or acts of God, but instead due to politics.
Congress established the SPR following OPEC’s 1973 decision to halt oil trading with the United States. This situation illustrated the vulnerability of being overly reliant on foreign producers to supply our energy needs. As a result, President Ford signed the Energy Policy and Conservation Act, which permitted the federal government to hold up to 1 billion barrels and disperse as necessary in cases of “severe energy supply disruptions.”
President Biden has been using the SPR, which historically has been used in the wake of natural disasters like Hurricane Katrina or in times of war, as his personal political tool. Knowing high oil and gasoline prices may be a political liability to his party in the November midterms, President Biden has been withdrawing from the SPR to keep prices artificially low. Since being inaugurated in January 2021, President Biden has drained 230 million barrels of oil. That is the steepest drop in reserves by any president in U.S. history.
Even needing to tap the SPR is an acknowledgment of the president’s hostile oil policies and how they have contributed to the imbalance between supply and demand. This imbalance has caused volatility in the oil markets, resulting in record-high gasoline prices over the summer.
This concerning reality could have been avoided if President Biden had prioritized American energy production, specifically of crude oil and natural gas. Instead, his administration has championed harmful oil and gas policies that have handcuffed the energy sector. He canceled the Keystone XL pipeline, halted new drilling on federal lands, implemented regulatory hurdles, and raised taxes on energy companies.
Read the full article on Real Clear Energy.