SPR DRAWDOWN CHART FULL

Reserve oil stocks have continued to decline under Biden.

But the funding for the proposal, which was to be included as part of a COVID-19 stimulus package, was blocked by congressional Democrats, who called it a “$3 billion bailout” for the oil industry. Trump did propose buying an additional 77 million barrels of oil to add to the reserve in March 2020. That was five days before Biden was inaugurated. The supply declined almost weekly from that point on, until the reserve had about 638.1 million barrels on hand as of the week ending Jan. 20, 2017, which was the same day that Trump was sworn in as president. In fact, for a 29-month stretch between April 2009 and July 2011, SPR crude oil stocks exceeded the current 714 million barrels threshold - reaching a high of more than 726.6 million barrels, when the authorized capacity was 727 million barrels.įurthermore, the oil stocks were at 695.1 million barrels for the week ending Jan. The reserve is currently authorized to hold up to 714 million barrels of crude oil across four storage sites along the Texas and Louisiana Gulf Coasts, according to the Department of Energy, which maintains the reserve.īut not since the early 1980s has the reserve held less than even half of that amount.

They will soon bring it down to empty again.”Įxcept the Strategic Petroleum Reserve, or SPR, contained more crude oil at the time Trump entered the White House than it did when he exited.Īs we’ve written before, the SPR was created when then-President Gerald Ford signed the Energy Policy and Conservation Act of 1975, which was in response to energy shortages created by the 1973-74 Arab oil embargo. Now I see where Biden has just announced he’s going to take what we so carefully and magically built, and what will be a futile attempt to reduce oil and gasoline prices. It’s supposed to only be used for large-scale emergency or conflict.

SPR DRAWDOWN CHART FULL

“It’s called the Strategic National Reserves, and it hasn’t been full for many decades. “So after 50 years of being virtually empty, I built up our oil reserves during my administration, and low energy prices, to 100% full,” Trump’s statement reads. had previously pledged to release from the reserve to increase the global supply in response to Russia’s invasion of Ukraine. That’s in addition to the 30 million barrels the U.S. The former president spoke critically of President Joe Biden’s announcement that his administration plans to release 1 million barrels of crude oil per day from the reserve for the next six months as part of efforts to lower oil and gasoline prices. Trump made the claim in a March 31 statement that was posted to the website of his leadership political action committee, Save America, and emailed to its list of subscribers. The last full week before he left office in January 2021, it held 638.1 million barrels, or about 8% less.īut Trump falsely claimed that before his presidency, the reserve had been “mostly empty” for decades and that he had restored it to “100% full.” When Donald Trump took office as president in January 2017, the reserve held 695.1 million barrels of crude oil. Strategic Petroleum Reserve was set up in the 1970s as an emergency source of oil in the event of unexpected supply disruptions.

Spr drawdown chart