In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the spring of the next year, he ordered the release of another 130 million barrels. Prices at the pump fell between $0.17 and $0.42 per gallon.
With the massive withdrawals and previously scheduled mandatory sales, the SPR shed 270 million barrels and fell to the lowest in 40 years. Now that prices have stabilized, it should be the right time to start refilling the…Is It Time To Refill America’s Strategic Petroleum Reserve?
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