• 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.

Tagged: #Bidenflation