When energy demands increased petrol prices in 2021, President Joe Biden was forced to take dramatic action as the world returned to its pre-COVID state. He ordered oil from the Strategic Petroleum Reserve to be released in order to lessen the economic and environmental effects of such a catastrophe; but, one year later, it is time for the reverse strategy: encouraging refilling operations by government acquisitions of fresh reserves.
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An essential part of US energy security, the Strategic Petroleum Reserve (SPR) is being revived by the Biden administration with vigor. On December 16, as part of their efforts throughout the previous year, which saw authorisation for 200 million barrels being sold off in order to increase supplies, they bought three million barrels of crude oil.
The administration followed through with an exceptionally timely purchase after stating its aim to buy crude oil for strategic reserves at prices that were pocket-friendly; as a result, gas costs are currently more comfortably lower than they have been in a year. According to AAA, as of December 20th, the national average per gallon was roughly $3.12, which is nearly fifty cents less than it was in 2017!
A strategy to avert future energy crises was developed by US government officials in the wake of the severe impacts of an Arab oil embargo. The Strategic Petroleum Reserve (SPR), a massive storage system with hundreds of millions of gallons in reserve for emergency access whenever needed, was established in 1975. The President and his staff at the International Energy Agency (IEA) can strategically coordinate the delivery of this crucial resource as needed to maintain economic stability in times of crisis.
In order to combat the rising price of oil, Joe Biden made the audacious choice to draw from the Strategic Petroleum Reserve of the United States. Did you support this decision?
