Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again

Started by Epoch-Times-Bot, Dec 30, 2022, 02:00 PM

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Epoch-Times-Bot

Dec 30, 2022, 02:00 PM
Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again

The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week.
The Biden administration has tapped over 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since the president took office.
President Joe Biden first announced his plan to release oil from the national reserve on an emergency basis on Nov. 23, 2021, as part of a “major effort to moderate the price of oil” and lower prices at the average “corner gas station.”
The SPR was established when Congress passed the Energy Policy and Conservation Act after the 1973 oil embargo, for emergency shortages, acts of terrorism, and natural disasters....

Source: Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again

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