Joe Biden Drains Strategic Petroleum Reserve to 40 Year Low

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.

Much of the nation’s energy crisis is due to Biden’s own policies, such as his campaign promise to reduce oil drilling. In the last two years, the Biden administration has succeeded in driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline.

Replenishing the oil reserve will be costly under Biden. The price of crude oil on October 5, 2020, was about $43.00/barrel. On Monday, the price was just under $89.00 per barrel. If Biden refills the reserve after the election, taxpayers will have to shoulder the difference.

On Wednesday, OPEC slashed  two million barrels per day.