President Biden’s attempt to bring down gasoline prices with the largest SPR release in history has backfired.
Although the SPR has been used infrequently for “emergencies”, it has been used frequently by politicians seeking to influence gasoline prices in election years.
This crude oil is stored in underground salt caverns at four major oil storage facilities in the Gulf Coast region of the United States. There are two sites in Texas and two sites in Louisiana.There was once a period during which the U.S. was heavily dependent upon OPEC for oil imports. Just a few years ago, OPEC was responsible for about 40% of the oil we imported. Today that has declined to about 10% as a result of the resurgence of U.S. oil production.
“SPR oil is sold competitively when the President finds, pursuant to the conditions set forth in the Energy Policy and Conservation Act , that a sale is required. Such conditions have only existed three times, most recently in June 2011 when the President directed a sale of 30 million barrels of crude oil to offset disruptions in supply due to unrest in Libya.
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