President Joe Biden will have drained the Strategic Petroleum Reserve (SPR) to a 40 year low at the end of October, according to industry experts.
The SPR was created in 1975 under former President Gerald Ford during the energy crisis that began in 1973.
The deficit of oil reserves is notable because gas prices are soaring under the leadership of Biden, who has released the SPR during an election year to seemingly protect Democrats’ chances of retaining the House and Senate.
Much of the nation’s energy crisis is due to Biden’s own policies, such as his campaign promise to reduce oil drilling. In the last two years, the Biden administration has succeeded in driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline.
Replenishing the oil reserve will be costly under Biden. The price of crude oil on October 5, 2020, was about $43.00/barrel. On Monday, the price was just under $89.00 per barrel. If Biden refills the reserve after the election, taxpayers will have to shoulder the difference.
On Wednesday, OPEC slashed two million barrels per day.
The soaring price of oil has fueled 39-year-high inflation, costing American workers $5,520 in 2022, experts estimate. A Heritage Foundation study shows Americans have lost $4,200 in annual income since Biden assumed office.