The U.S. Strategic Petroleum Reserve is down by more than one-third under President Biden, as he's released oil to help reduce gas prices amid inflation.
The move would have increased the supply in the SPR by about 12%, bringing the emergency stocks close to all-time highs. Victoria Coates, a senior research fellow for The Heritage Foundation, who worked in the Trump administration's Department of Energy at the time, told Fox News Digital they could have made "$9 billion for the American taxpayer." But congressional Democrats, led by then-Senate Minority Leader Chuck Schumer, D-N.Y.
"I made a great deal to restore America’s oil reserves very high, and I was ready to fill it all the way to the top when oil was at a historic low, butIn 2021, with Biden in the White House, energy prices skyrocketed, along with costs for nearly everything else.Biden started tapping the SPR to control prices later that year and then continued to do so through 2022, releasing as much as one million barrels per day from the reserve.
But some on the right said the move smelled of politics, with gas prices playing as a major campaign issue. And yet others criticized the release as not consistent with the mission of the SPR. Since Biden took office, the SPR is down from over 634 million barrels to about 416 million.
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