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Gas Prices Rise As Strategic Petroleum Reserve Hits Lowest Level Since 1983

View Source | December 31, 2022 3:00 pm

  • The United States’ Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week.
  • President Biden has drawn down more than 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since he took office.
  • The SPR was established when Congress passed the Energy Policy and Conservation Act after the 1973 oil embargo, for emergency shortages, acts of terrorism, and natural disasters.
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