Biden Draws Down Oil Reserve 35%
View Source | October 13, 2022 6:17 am
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- The U.S. strategic oil reserve, created to protect consumers against “economically threatening” disruptions in oil supplies, is now at its lowest level in 38 years. That’s according to a review of weekly stock reports by the U.S. Energy Information Administration (EIA).
- That’s down from 638,086 barrels in Jan 2020, when President Joe Biden took office from President Donald Trump, a decline of 35 percent.
- No U.S. President has lowered the SPR by more than eight percent during their term in office.
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