Explainer: What is the SPR, the U.S. emergency oil stash?

[rangerrebew]

Explainer: What is the SPR, the U.S. emergency oil stash?
October 21, 20227:36 AM Reuters
 
Oct 19 (Reuters) – The White House is nearing the end of its scheduled release of 180 million barrels of crude oil from the U.S. Strategic Petroleum Reserve, the largest such release from the stockpile in history.

The move was announced following Moscow’s invasion of Ukraine on Feb. 24 and subsequent sanctions slapped on Russia by the United States and its allies. Overall, the releases have helped reduce the price of crude worldwide, as the international benchmark Brent is currently around $90 a barrel, down from a peak of nearly $130 touched in early March.

The Biden Administration has sold roughly 165 million barrels of its planned 180 million barrel release, but has discussed bringing forward sales already approved for 2023, with additional plans to buy back oil later if prices decline.

WHY WAS THE SPR CREATED?

https://boereport.com/2022/10/21/explainer-what-is-the-spr-the-u-s-emergency-oil-stash/

[DefiantMassRINO]

The SPR is a petroleum piggy bank, primarily meant for the US Military or strategic US industries during an oil supply crisis, especially during a time of war.

Alas, the SPR is now used as a gimmick to mask the full effects of the Greens' sanctioning of the US domestic energy industry in the lead up to the 2022 midterm elections.

Biden thinks it's okay to buy oil from Iran, Venezuela, and Saudi Arabia to save the Dem 2022 midterms, but it's forbids getting more oil from Alaska, Texas, North Dakota, etc.