Biden Sells Off 180 Million Barrels of Oil
During the middle of his term in office, Biden signed off on the sale of 30 million barrels of oil from the SPR, which would later rise to 180 million.
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At the time, many called this an election move, in which Biden tried to buy back the support of the Americans who had begun to lose faith in his ability to govern the nation.
Biden Administration Sell a Further 1 Million Barrels of Oil
This past May, the Biden administration announced its plans to release a further 1 million barrels of gas from the Northeast reserve, which, according to a White House statement at the time, aimed to reduce the price of fuel for Americans throughout the nation.
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According to the Energy Department, “The sale was timed to provide relief as the summer driving season begins.”
Politically Motivated Decision
The sale of fuel so late into Biden’s tenure as president once again brought criticism against the Democratic leader, with many suggesting this was a politically motivated decision.
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Fox News Digital decided to investigate the claims, aiming to discern whether the critics have a basis for their claims or if Biden is simply trying to reduce the pieces at pumps across the U.S.
Republicans Blame Biden Administration for Gas Price Surge
Fox News suggests there’s evidence that the release of millions of barrels in 2022 could be blamed in part on Russia and its invasion of Ukraine, which drastically affected supply chains.
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However, Republicans speaking on the matter, such as Donald Trump, have blamed the Biden Administration for the shortages, citing the cancellation of transcontinental pipeline projects. Ultimately, this led to a dramatic increase from the average price of $2 per gallon witnessed during Trump’s time in office.
Biden Administration Committed to Helping Families, Says Energy Secretary
Speaking on the Biden Administration’s decision to sell off over 1 million barrels of oil this past May, Energy Secretary Jennifer Granholm claims, “The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season.”
Source: Freepik
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” she said.
Biden Drastically Reduces Reserves
According to figures sourced from Fox News, the SPR experienced its greatest depletion during Biden’s term in office.
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As of 2023, the reserves had a maximum capacity of just over 700 million barrels of oil. While former presidents such as George H.W. Bush and his son collectively added around 175 million barrels to the reserves, Biden has sold off around 274 million barrels.
Emergency Releases From the SPR
National emergencies led to the depletion of 21 million barrels during Desert Storm and 11 million more in the aftermath of Hurricane Katrina. However, upon closer inspection of releases from the SPR, the release of oil by presidential order without a crisis is rare.
Source: Wikimedia
While Biden certainly tops the depletion list, several other presidents have withdrawn a considerable number of barrels. Bill Clinton sold off over 33 million, and Trump oversaw the sale of around 57 million barrels.
Report Claims Biden Sales Were Warranted
In 2022, a Congressional Research Service report claimed that the Biden Administration’s decision to sell an enormous chunk of the SPR following Putin’s invasion of Ukraine was warranted and should not be seen as politically motivated.
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Under certain circumstances, Congress is even permitted to sell some of the reserves if it needs income to fund legislative priorities.
Republicans Call Out Biden
Republicans such as Wyoming Sen. John Barrasso and Washington Rep. Cathy McMorris-Rodgers continue to call out Biden’s decision. However, they argue that the president’s decision to sell off the reserves is politically motivated.
Source: Wikimedia
“Under President Biden, the SPR has reached its lowest level since 1983. The DOE has overseen the largest sale in history, amounting to a total of 290 million barrels. When President Biden took office in January 2021, the SPR contained 638 million barrels of oil,” they said.
U.S. President Drastically Shrinks Reserves
The conservative lawmakers called Biden’s 2022 sales “a transparent attempt to influence the midterm elections and distract from the Biden administration’s energy policy failures.”
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Referring to the overall depletion of the SPR, the Republicans added, “Today, the SPR currently contains 367 million barrels of oil, which represents nearly a 42 percent decline from when President Biden took office.”
No More Selling of the Reserves
While the idea of Biden using the sale of oil from the Strategic Petroleum Reserve is still a matter of opinion, it appears a limit has now been placed on his ability to withdraw.
Source: Wikimedia
To halt the politicization of the SPR, McMorris-Rodgers introduced the Strategic Production Response Act. This aims to limit SPR sales and ban depletion for “nonemergency purposes” until Congress can provide sufficient oversight.