Joe Biden canceled plans to begin refilling our Strategic Petroleum Reserve (SPR), which he depleted to drive down gas prices ahead of the 2022 midterm elections.
What is the SPR? It’s our emergency oil reserve, meant for use during emergencies like war and natural disasters.
The details: Last month, the Biden regime’s Department of Energy said it planned to purchase three million barrels of oil to begin refilling the SPR. But yesterday, it abruptly canceled the purchase due to the rising price of oil.
Zoom out: When President Trump left office, the SPR had 638 million barrels of oil. Since taking over, Biden has drained 43 percent of the reserves, currently at 363 million barrels — a 40-year low.
Political motivations: In the months leading up to the 2022 midterm elections, gas prices spiked above $5 per gallon (national average). In response, Biden sold off 180 million barrels from our SPR to drive them down.
Tale of two presidents: While Biden has depleted our reserves, former President Trump proposed topping off the reserves before leaving office, with plans to add 77 million barrels while oil prices were low. But Congress refused to sign off on funding him.
Real talk: Today, the national average gas price is steadily creeping back up and currently sits at $3.56. If they continue to climb as we get closer to the 2024 presidential election, maybe Joe will go for broke and just sell off the rest of the SPR.
This article is adapted from the free ‘Wake Up Right’ newsletter, which you can subscribe to here.