President Joe Biden will have drained the Strategic Petroleum Reserve (SPR) to a 40 year low at the end of October, according to industry experts.
The SPR contained about 638 million barrels of oil before Biden assumed office. But America’s oil reserve will be depleted 40 percent in just a few weeks at the current rate of release.
“Since December 1984, the level has never been lower than 450 million barrels – until now,” Forbes reported. The maximum capacity of the reserve is 714, the Department of Energy estimates.
The SPR was created in 1975 under former President Gerald Ford during the energy crisis that began in 1973.
The deficit of oil reserves is notable because gas prices are soaring under the leadership of Biden, who has released the SPR during an election year to seemingly protect Democrats’ chances of retaining the House and Senate. Read more…