JOE’S BLOWING THROUGH THE OIL RESERVES: Strategic Crude at Lowest Level Since 1984

After releasing 8.4 million barrels of crude from the Strategic Petroleum Reserve (SPR) last week, the Biden Administration has brought the supply to its lowest point since 1984, according to U.S. Department of Energy (DOE) data released on Monday.

From Reuters:

President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.

The Biden administration is weighing the need for further SPR releases after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters last week. A DOE spokesperson later said the White House at that time was not considering new releases beyond the 180 million barrels