Now that President Biden has attempted to palliate the American public during the gas price crisis by raiding the critical Strategic Petroleum Reserve (SPR), it has reached the lowest level in 35 years.
At the end of March, the Biden administration announced it would release one million barrels of oil per day from the reserve.
“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time,” the White House bragged. “This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.”
“The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed,” Reuters reported. “Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 538 million barrels, the lowest since 1987.”
Meanwhile the Biden administration gas been canceling oil and gas leases, including the potential to drill for oil in over one million acres in the Cook Inlet in Alaska.