In an editorial, the Wall Street Journal says President Biden is drawing down the Strategic Petroleum Reserve to help Democrats in the midterms and that, yes, the reserve is getting dangerously low.
According to the piece:
White House officials accuse OPEC and its allies of manipulating oil prices, but then what do you call what President Biden is trying to do? Three weeks before Election Day, Mr. Biden is ordering 15 million more barrels released from the nation’s Strategic Petroleum Reserve (SPR) to reduce gasoline prices . . .
The main problem is that oil demand has outstripped supply amid the post-pandemic economic recovery owing to a lack of investment, especially in the U.S., which had been the world’s swing producer . . .
The Administration says the 400 million or so barrels that remain are “more than ready to respond to energy security needs today.” That’s also far from clear.
One reason is that the Administration is fast depleting the medium-sour grade crude in the reserve that is most useful to U.S. refineries . . . A true national emergency could also fast deplete the reserve.