Key Points
- The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week.
- The Biden administration has tapped over 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since the president took office.
- President Joe Biden first announced his plan to release oil from the national reserve on an emergency basis on Nov. 23, 2021, as part of a “major effort to moderate the price of oil” and lower prices at the average “corner gas station.”
- The SPR was established when Congress passed the Energy Policy and Conservation Act after the 1973 oil embargo, for emergency shortages, acts of terrorism, and natural disasters.
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