By Bernard P. Lawson, The Chicago Times
October 9, 2022
WASHINGTON – As the threat of war grows throughout the world and OPEC+ cuts production, the Biden administration has allowed the Strategic Petroleum Reserve to fall to a 40-year low in an attempt to keep gas prices “low” ahead of the midterm election.
The Biden administration has again announced a release of another 6.2 million barrels of oil which brings the level of the SPR to 416.4 million barrels, the lowest it has been since 1984. According to the Department of Energy, the Biden administration has dipped into the SRP 4 times over the past year in a meager attempt to lower gas prices. The average US gas price in 2019 was $2.60 in comparison to $4.50 in 2022.
On October 5, the Biden administration announced the release of 10 million barrels of oil from the SRP in response to an OPEC+ decision to cut oil production by 2 million barrels a day. The US consumes about 20 million barrels of oil per day not just for gasoline production but also in the production of 6,000 products used throughout the US.