Keystone Today

The Department of Energy’s U.S. Energy Information Agency (EIA) reported that the ending stock of crude oil remaining in the Strategic Petroleum Reserve (SPR) was at the lowest level since July 1984.

According to the EIA, the SPR was at 416.39 for the week ending on Sept. 30. The current levels in the reserve show a 32.7% decrease from one year ago. In September 2021, the SPR was at 618 million barrels of oil. According to ycharts.com, as of April 1, the SPR held 564.58 million barrels, showing how much it has decreased in just six months. Critics suggest that President Joe Biden has been trying to temporarily appease voters in an election year with lower gas prices, which goes against his climate policies, while also leaving the SPR historically low.

“An administration that has frequently emphasized the importance of reducing carbon emissions is trying to increase oil supplies to bring down rising oil prices — which will in turn help keep demand (and carbon emissions) high,” Forbes Senior Contributor Robert Rapier said in a Sept. 7 op-ed.

Biden announced the release of up to 180 million barrels of crude oil from the SPR over a six-month period to curb rising gas prices on March 31. He said there would be a slight delay in declining gas prices by days and weeks, but they would eventually drop to an unknown range. The Department of Energy reported that the SPR usually keeps about 700 million barrels of crude oil in case of unstable market conditions or international emergencies. The SPR webpage says it is the world’s large supply and the “sheer size” makes it deterrent against oil cutoffs.

Rapier’s op-ed stated that with Biden announcing he will refill the SPIR, Rapier believes it will happen after the 2024 elections. He called Biden’s decision to tap into the SPR a “gamble” as he now needs to hope the U.S. doesn’t encounter a foreign oil supply crisis which the SPR was put in place for. The highest point of the SPR was 726.6 million barrels. 

According to Forbes, the executive order by Biden on federal oil and gas leases was released on Jan. 27, and he cited the “climate crisis” as the reason. According to the White House website, the order will prioritize the climate crisis including “pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review.”

Fox Business reported on Oct. 5 that the Biden administration announced the release of 10 million more barrels in November. The original plan was to stop releasing barrels form the SPR on Oct. 31, but according to the report, the White House said due to OPEC’s decision to cut 2 million barrels per day, “the president will continue to direct SPR releases as appropriate to protect American consumers and promote energy security.”

The Washington Free Beacon reported on a Fox News interview with John Kirby, who is the coordinator for strategic communications at the National Security Council at the White House. Kirby said, “We need to be less dependent on OPEC+ and foreign producers of resources like oil,” after the OPEC announcement. 

The Beacon report said that Kirby mentioned Biden’s sale of drilling rights to oil companies, but didn’t mention Biden’s moratorium on new federal oil and gas leases. He also did not mention Biden’s statement in a 2020 debate saying “no ability for the oil industry to continue to drill, period. Ends.” The Beacon added that the Biden administration is doing anything it can to lower gas prices to gain votes.

The latest Gasoline Misery Index reports that the average American is spending $341 more on gas this year compared to last year. It also shows that Americans are spending $837 more on gas than when the president took office. In Pennsylvania, residents are spending $219 more on gas. The statewide average price of gas is $3.94 and the national average is $3.91.