Washington, DC – In April 2022, the Biden administration made headlines by selling 30 million barrels of oil from the Strategic Petroleum Reserve (SPR) as part of a planned release of 180 million barrels. This move was seen as unusual for an election year.
The Energy Department also celebrated a decision to sell 1 million barrels from the SPR’s NGSR, a move aimed at reducing summer gas prices. This led Fox News Digital to investigate whether criticism of the administration’s handling of U.S. oil reserves was valid.
Analysis revealed that President Biden oversaw unprecedentedly large drawdowns from the SPR, with major declines in reserves during his tenure. Former Presidents Trump and Clinton also saw significant reductions in reserves, but Biden’s administration stands out for the scale of the depletion.
While the administration blamed Russian President Putin for disruptions in the oil market due to the Ukraine invasion, Republicans pointed to Biden’s cancellation of pipeline projects and executive actions impacting energy production as factors driving up gas prices.
Energy Secretary Jennifer Granholm defended the SPR releases, stating that they were aimed at lowering consumer costs, especially during the summer travel season. However, critics accused the administration of using the releases for political gain ahead of the midterm elections.
Historical data showed that the SPR capacity has fluctuated over the years, with different presidents overseeing changes in reserves. Congress has the authority to mandate SPR sales for funding, but political motivations behind such actions have been a point of contention.
In response to accusations of politicization, Republican lawmakers introduced legislation to limit SPR drawdowns for nonemergency purposes. The bill passed the House, but faced opposition from the White House, which defended the administration’s use of the SPR as essential for energy security.
The debate over the SPR continues, with differing views on the role of oil reserves in energy policy and the extent to which they should be used for political purposes. As gas prices remain a hot-button issue, the future of the SPR and its management under the Biden administration remains a topic of interest and debate.