As GOP calls Biden's oil reserve depletions election-year politics, figures show he's sold off the most
How did the Biden administration's drawdown of the SPR compare historically to those under former Presidents Trump and Clinton?
The Biden administration's drawdown of the Strategic Petroleum Reserve (SPR) has been the most significant historically, compared to those under former Presidents Trump and Clinton. While President Trump oversaw a drawdown of about 57 million barrels and President Clinton saw a net depletion of 33.7 million barrels, President Biden has more than quadrupled that figure from January 2021 through March, with a net decrease of 274 million barrels2. This does not include any selloffs from the administration's May announcement.
What specific reasons did the White House give for the oil sale from the SPR in 2022, particularly in relation to global events?
The White House attributed the oil sale from the Strategic Petroleum Reserve (SPR) in 2022 to several factors, including the need to lower gas prices for Americans and to counter supply disruptions caused by global events such as the Russian invasion of Ukraine. The latter event led to elevated oil prices as Siberia was no longer a permitted source of fuel for the U.S. The administration's aim was to ensure sufficient supply during the summer travel season, and the sale was also described as a measure to protect U.S. energy security.
What was the total amount of oil President Biden planned to sell from the Strategic Petroleum Reserve as mentioned in the April 2022 announcement?
In April 2022, President Biden announced the sale of 180 million barrels of oil from the Strategic Petroleum Reserve (SPR). This was part of an effort to address high gas prices and supply disruptions caused by Russia's invasion of Ukraine. The sale aimed to provide relief to American families and stabilize global oil markets.