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.
Click to read full article
Go back home
Share This Article: