Staff Reports
When the Department of Energy (DOE) announced it had replenished the Strategic Petroleum Reserve (SPR) by a whopping 40 million barrels, it seemed like the kind of news that would have everyone popping champagne. However, a closer look reveals that this announcement is more akin to a magician pulling a rabbit out of a hat—except in this case, that rabbit is more of a house cat that’s been put on a diet. With over 250 million barrels drained during Biden’s energy policies, one must wonder how anyone could believe that a mere 40 million barrels makes a dent in a massive depletion.
The SPR was over 630 million barrels when President Biden settled into the Oval Office in January 2021. Fast forward to last week and the reserve stands at a paltry 376 million barrels. So when the DOE claims it has “refilled” the SPR, it raises eyebrows. Experts, including a chemical engineer and editor of Shale Magazine, argue that the press release was cleverly worded, but ultimately misleading. It’s like trying to convince someone they’ve just eaten a hearty meal after only nibbling on a cracker.
Adding to the confusion, the DOE has tried to boost its own narrative by saying that the 40 million barrels purchased, along with the cancellation of 140 million barrels previously mandated for sale, brings the total to 180 million. This sleight of hand seems more like a desperate attempt to acquire credit for reversing the very policies that created the crisis in the first place. Rather than teaching a lesson on fiscal responsibility, the Biden administration appears to be taking victory laps over canceled policies that would have drained the reserve even more.
The historical context is grim. With gasoline prices skyrocketing due to geopolitical tensions sparked by Russia’s invasion of Ukraine, Biden’s administration engaged in the most unprecedented drawdown of the SPR in history. This would have made any self-respecting conservative’s head spin faster than a hamster in its wheel. Past administrators may have occasionally dipped into the reserve for political advantage, but Biden took it to a whole new level, draining over 288 million barrels by mid-2023—mostly due to congressional mandates he signed off on.
Despite this latest manufactured success story, real numbers paint a different picture. As of recently, the SPR has only rebounded by 27.7 million barrels from its all-time low, leaving it still 260 million barrels short from what it was at the beginning of Biden’s tenure. One has to scratch their head in disbelief: how could an admin that “prioritizes the energy security of the American people” still have the SPR so depleted? It’s almost as if energy policy has taken a backseat to pure political maneuvering.
Biden Energy Department’s claim it replenished Strategic Petroleum Reserve misleading, expert says https://t.co/llVkcUkVWE
— Just the News (@JustTheNews) August 11, 2024
The narrative doesn’t stop there. The Biden administration has continually touted their commitment to “delivering for the American people,” but those empty promises have substantial costs—both to taxpayers and energy security. Had Trump’s suggestion to invest $3 billion in the SPR during the COVID-19 crisis been approved, America could have capitalized on rock-bottom oil prices at around $30 per barrel. Instead, Democrats squashed that idea, opting for a different approach that ultimately led to today’s chaotic energy landscape.
In a world of critical energy shortages and skyrocketing prices, it’s ironic that the very administration that made an art of draining reserves is now attempting to tout its prowess in refilling them. One must wonder what kind of magic tricks will be pulled next as the election nears—hopefully, they’ll involve something more substantive than mere smoke and mirrors.
