From March 31, 2022 post.
Today, the White House announced President Biden is ordering the release of 1 million barrels of oil per day from the United States’ Strategic Petroleum Reserve (SPR) for six months, which is the largest release from the SPR in history. This will result in a total of 180 million additional barrels on the market.
“President Biden’s decision to tap into the U.S. Strategic Petroleum Reserve should be called what it is: purely politically fueled,” said Congressman Bob Latta (R-OH5). “The purpose of the Strategic Petroleum Reserve is to address disruptions during great national emergencies, not to manipulate the market price of gasoline for political clout.
“Since his first day in office, the President has pursued policies that are hostile to domestic energy production, and time and time again these policies have failed the American people. Gas prices are higher than ever. Folks are paying more to heat their homes. Oil and gas producers here in our country have been under constant attack by the President and his Administration. Instead of depleting our emergency reserves, President Biden should be focusing on unleashing North American energy production,” concluded Latta.
Over the last several months, the Administration has previously tapped the SPR twice in an effort to lower gas and energy prices, to alleviate the rising costs consumers are seeing at the pump. These former releases did not drastically lower prices.
Original source can be found here.
