Joe Biden is running out of ammunition to fight the next oil crisis

Marketsinsider/Brian Evans/2-18-2023

“President Joe Biden, who was outspoken about using the SPR to lower gasoline prices, unloaded more than 200 millions barrels of oil from the reserve last year as Russia’s war on Ukraine jolted energy markets. The SPR, the largest emergency oil stockpile in the world, is now at its lowest level since 1983.”

USAGOLD note: A revealing look at the Strategic Petroleum Reserve and why its depletion is something to be concerned about. Evercore’s James West says that recent drawdowns, taking it to its lowest level since 1983, puts “undue stress  on American resources and limits our ability to limit an oil price spike.” In other words, another oil crisis could spike the inflation rate.