Posted 4/5/2024, 7:41:21 PM
Biden Puts Brakes on Restocking Oil Reserve as Prices Climb
- Biden administration canceled plans to help refill Strategic Petroleum Reserve (SPR), citing rising oil prices
- SPR established in 1975 after 1970s oil crisis to reduce impact of future disruptions
- SPR recently drawn down to lowest level in decades due to Biden policies
- Full SPR intended to prevent gas lines and supply military if cut off from foreign oil
- Understocked SPR leaves nation vulnerable to oil shortages if global tensions continue rising
