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Critics Raise Concerns About Strategic Petroleum Reserves’ Decline
Gas prices hit record highs last summer, surpassing $5 per gallon nationally. To curb rising prices, Biden released more than 200 million barrels from the U.S. stockpile, AND NOW...
As we start the week at around $4 a gallon…Lawmakers are raising concerns that the Strategic Petroleum Reserve, which President Joe Biden has relied on heavily since taking office, is getting dangerously low.
Gas prices hit record highs last summer, surpassing $5 per gallon nationally. To curb rising prices, Biden released more than 200 million barrels from the U.S. stockpile, bringing the reserves to the lowest point since 1984.
“By gutting vital fuel storage to lower short-term prices, the Biden Administration exposed the U.S. to future market volatility and increased supply dependence on adversarial nations instead of supporting an all-of-the-above energy approach to unleash American energy potential,” House Oversight Republicans said in a letter to Energy Secretary Jennifer Granholm.
Republicans argue Biden used the reserve to temporarily lower prices ahead of the last November midterm elections. Oversight lawmakers say the Department of Energy has failed to provide documents requested in the inquiry despite repeated requests.
“As a depleted SPR weakens the U.S.’s ability to respond to future supply disruptions, prompt delivery of the requested documents is vital to help Congress ensure U.S. energy security,” the letter said.
According to AAA, the current national average price for a gallon of regular gasoline is $3.53, up from $3.46 a week ago and $3.40 one month ago.