Axios: Biden shrinks Strategic Petroleum Reserve to lowest level since 1980s
The Biden administration is on pace to dump millions of barrels of crude oil on the market, shrinking the nation's oil reserve to its low level since 1984.
Why it matters: Biden's decision to tap into the reserve may have helped lower gasoline prices from their $5 highs in June.
Context: The Biden administration hasn't been shy about authorizing oil releases.
* Biden announced in mid-October that he would authorize the release of more oil from the Strategic Petroleum Reserve in December as a way to bring down gas prices.
* He said 15 million barrels would be released as part of the 180 million barrels that had been announced earlier in 2022.
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WNU Editor: The midterms are in 4 days. I expect no US strategic oil reserve releases after that.
1 comment:
Well isn't this just the perfect footing to have half the country chomping at the bit to jump into a peer war. Fazman's ready to march on Red Square even if we're sending him in the old horse and buggy.
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