Strategic Petroleum Reserve Hits Lowest Level In Decades

WASHINGTON, DC - NOVEMBER 02: U.S. President Joe Biden delivers remarks on developing infrastructure jobs in the East Room of the White House on November 2, 2022 in Washington, DC. Biden highlighted his administration's efforts to train Americans for jobs in broadband, construction, and manufacturing following the passages of the Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act. (Photo by Oliver Contreras/Getty Images)

At a glance

  • In an attempt to lower gas prices, President Joe Biden is on pace to shrink the Strategic Petroleum Reserve to its lowest level since 1984.
  • In mid-October, Biden announced his plan to release more oil from the emergency stockpile.
  • Biden said 15 million barrels would be released as part of the 180 million barrels previously announced in 2022.

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