Biden admin brags about replenishing oil reserves despite depleting them by half
The Energy Department made headlines on Friday when it announced the end of replenishing the nation’s strategic oil reserves, which had been depleted by nearly half under President Biden’s administration. The U.S. Strategic Petroleum Reserves (SPR) inventory stood at just 387.2 million barrels of oil as of Nov. 1, a significant drop from the 638.1 million barrels when Biden took office.
The depletion of the SPR came as a result of Biden’s decision to release millions of barrels of oil into the market following Russia’s invasion of Ukraine. This move was criticized by many who saw it as a political maneuver to keep gas prices down ahead of the recent election.
Economists like Trishia Curtis and Phil Flynn have called out the administration for using the SPR as a “piggy bank” to manipulate oil prices. Despite the backlash, Energy Department Secretary Jennifer Granholm praised the administration for maintaining the SPR as the world’s largest emergency crude oil supply.
Granholm highlighted the recent purchase of 20 million barrels of oil, which she claimed fully utilized all funding allocated for crude oil purchases. However, critics like Steve Milloy have pointed out that the administration has only bought back one-third of what was released from the SPR.
Energy expert Chris Barnard raised concerns about the administration’s contradictory approach to energy security, given Biden’s past statements about ending fossil fuels. He highlighted the administration’s decisions to cancel the Keystone Pipeline, seek oil from Saudi Arabia, and implement tighter environmental restrictions.
As Biden prepares to leave office, he continues to push for stricter environmental regulations, including a new tax on methane emissions and restrictions on energy development on federal lands. The Energy Department declined to comment on the criticisms raised by experts and analysts.
In conclusion, the Biden administration’s handling of the nation’s strategic oil reserves has sparked debate and criticism. While the administration touts its efforts to maintain the SPR, concerns remain about the impact of political decisions on energy security and prices in the future.
