Biden Cancels Replenishment of Strategic Oil Reserves
The Biden administration will pause its replenishment of the nation’s Strategic Petroleum Reserves because oil has become too expensive, the White House said.
Earlier in his term, Biden drained about half of the U.S. oil reserves down to their lowest level in decades in order to try to lower gas prices, which surpassed a record national average of more than $5 per gallon in 2022 before coming back down. Now, Biden’s effort to replenish those reserves have been stalled.
Critics warn that lower oil reserves are a national security issue for the U.S. If the reserves are low when a larger war or crisis occurs, refilling the reserves could be much more difficult and certainly more expensive.
“It’s pure insanity to watch the Biden Administration cut American oil production and then claim they can’t refill our critical reserve because of the price,” Daniel Turner, founder and executive director for Power The Future, said in a statement. “Joe Biden drained the SPR for political rea