Tag: strategic oil reserve

Release from Gasoline Reserve Raises Doubts Biden will Replenish the Strategic Petroleum Reserve

Just the News

The Biden Administration announced Tuesday that it would release 42 million gallons of gasoline from the Northeast Gasoline Supply Reserve. The release, the Department of Energy explained, is “strategically timed and structured to maximize its impact on gas prices.” This will, according to the DOE, help lower prices at the pump during the summer months when prices tend to go up along with demand.

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Biden Administration Refuses to Refill Strategic Oil Reserve

Michigan Star Staff

On Tuesday, the Biden Administration deliberately chose to not refill the strategic petroleum reserve (SPR) after depleting it to combat a surge in gas prices last year.

According to the Daily Caller, the report from Bloomberg said that the administration considered it to be “too expensive” to refill the vital reserve supply, as the current price of a barrel of oil is roughly $80. The SPR is still at a record low level after Biden released at least 180 million barrels in 2022, in an effort to reduce historically high gas prices prior to the 2022 midterm elections.

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