WASHIONGFTON (The Epoch Times) - President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data shows.
According to the Department of Energy, inventories in the Strategic Petroleum Reserve declined 6.9 million barrels in the week ending June 24.
In total, the world’s largest emergency supply of crude oil stood at 497.9 million barrels, the lowest level since April 1986.
Federal government data show that 6 million barrels of sour crude and nearly 1 million barrels of sweet crude were injected into the energy market during this span.
With the U.S. consuming close to 20 million barrels per day, based on the Energy Information Administration’s (EIA) 2021 estimate, the country maintains 25 days’ worth of supply.
At this rate, the SPR will shrink to its lowest level in 40 years by the fall as supply is depleting faster than the output of some medium-sized countries a part of the Organization of the Petroleum Exporting Countries (OPEC), including Algeria and Angola.
The petroleum reserve was established in 1975 following the 1973-1974 oil embargo. The U.S. government wanted to prevent future supply disruptions, so it launched the world’s largest known emergency supply on the planet, with underground tanks in Louisiana and Texas.
According to the Energy Policy and Conservation Act, the president has the authority to order crude releases from the reserve if he declares “a severe energy supply interruption” that could threaten the economy or national security.
Some lawmakers have proposed restricting releases unless Congress approves legislation or a joint resolution.