Strategic Petroleum Reserve Plummets Under Biden

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The Strategic Petroleum Reserve (SPR) under the Biden Administration has hit a new low of about 416 million barrels, down from 638 million barrels when Biden took office.  The Biden administration has tapped the SPR to help ease gasoline prices, but some have criticized the move as political while at the same time compromising national security. Mark Mills, a senior fellow at the Manhattan Institute, said “the reality is that Congress did not create the Strategic Petroleum Reserve for price moderation. It’s strategic, which means you worry about whether there are wars or storms that directly impact Americans, and that we will make sure there’s enough extra oil to keep people and the economy running.”