The nation's Strategic Petroleum Reserve tumbled to a fresh four-decade low this week as President Biden continues to drain the emergency oil stockpile.
by 2 million barrels, the first major cut in two years. The move – which came despite lobbying from U.S. officials to do otherwise – threatens to raise oil prices at a time when the world is already combating record-high inflation.condemned the production cuts, which threaten to push gas prices higher with midterm elections just one month away.
After hitting a record high of $5.01 per gallon in mid-June, a gallon of gas now costs about $3.86 on average, according to AAA. While that marks a 23% decline from the summer peak, it is still up 29% from just one year ago. Proponents of releasing barrels from the emergency stockpile say that doing so increases oil supplies and reduces prices at the pump, while also generating billions in revenue for the federal government. But critics say that releasing emergency supplies is a short-term fix and does not increase the country's oil production capabilities. in several emergencies, including in 2005 after Hurricane Katrina made landfall and destroyed swaths of the Gulf of Mexico oil infrastructure.
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