Strategic Petroleum Reserves Will Be Squandered To A 40 Year Low - Was It Worth It?

President Joe Biden has eaten into America’s’ emergency stocks to bring down gas prices

Recent data published by the Department of Energy shows that the US Strategic Petroleum Reserve (US Strategic Petroleum Reserve) is at its lowest level in 34 years. While Biden has relied on emptying the US’ reserves to bring down gas prices, his administration has no plans to replenish stocks until after next year.

In August, the US removed 18 million barrels from its reserve of crude oil. The current stock stood at 450 millions barrels. Late July saw the White House authorize the sale 20 million barrels, in addition to the other 125,000,000 barrels sold during the first six months.