The Biden Administration is draining the emergency crude oil stocks.
According to a Reuters report, strategic oil reserves fell 8.4 million barrels in a recent release, bringing the reserves down to 434.1 million barrels —the lowest it’s been since 1984.
Not a meme stock or a collapsing currency, this is America's Strategic Petroleum Reserve, and this is before today's record release of 8.4mb, the largest ever. pic.twitter.com/yodSXxdjoO
— James Lavish (@jameslavish) September 12, 2022
The average cost of a gallon of gas in the U.S. is currently $3.70.
From Reuters:
The release from the Strategic Petroleum Reserve (SPR) in the week ended Sept. 9 was the steepest draw since May. It comprised of about 6.3 million barrels of sweet crude and around 2 million barrels of sour crude.
President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.
The Biden administration is weighing the need for further SPR releases after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters last week. A DOE spokesperson later said the White House at that time was not considering new releases beyond the 180 million barrels.
U.S. emergency oil reserves tumble to lowest since 1984 https://t.co/Wsd4NG8t1E pic.twitter.com/DiOMJMxl0e
— Reuters (@Reuters) September 12, 2022
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