Despite the federal government pledging to refill America’s emergency oil reserves by about three million barrels in the future, the Strategic Petroleum Reserve (SPR) continues to be drained.
In fact, for the week ending Dec. 16, the SPR witnessed a 3.647-million-barrel drop, resulting in the lowest level since December 1983, according to the Energy Information Administration (EIA).
In total, the SPR stands at 378.6 million barrels.
What is interesting about this situation is that President Joe Biden and his team are celebrating that they sold oil for around $94 a barrel and will repurchase it at around $70 to $75.
But former President Donald Trump wanted to buy barrels of oil at around $20 to put into reserves, which was shut down by Democratic opposition.
Here is the EIA chart:
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