The Strategic Petroleum Reserve Is At Its Lowest Level Since 1984
Robert Rapier
Senior Contributor
https://www.forbes.com/sites/rrapier/202...sh=10ed7d5f77c7
Sep 7, 2022,04:57pm EDT



President Biden To Release One Million Barrels Of Oil Reserves Per Day

What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR that has taken place this year? Let’s discuss.
SPR 101

In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo.

Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.



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Quote: Isailedaway wrote in post #2

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Biden will ramp it up now on order to attempt to preserve jobs of congressional buddies

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