Old North News

With an aim to bring down gas prices for American consumers, President Joe Biden announced plans to dip into the Strategic Petroleum Reserve crude oil earlier this year. 

In an editorial piece for Forbes, Robert Rapier claims the Biden administration’s depletion of the SPR was a political move during an election year and says it does not adhere to the administration’s policy on reducing carbon emissions.

“But even though the Biden Administration wants to address rising carbon emissions, high gasoline prices cause incumbents to lose elections,” Rapier wrote in his piece. “So, they try to tame gasoline prices even though it contradicts one of their key objectives of reducing carbon emissions.” 

Additionally, although gas prices dropped since he tapped the SPR, they are beginning to rise again.

On March 31, Biden announced the release of up to 180 million barrels of crude oil from the nation's SPR over a six-month period. The president said the price of gas at the pump would drop by an unknown amount, soon after the reserves hit the market. 

The SPR usually keeps about 700 million barrels of crude oil in the case of unstable market supply or international emergencies. The SPR webpage states it is the world's largest supply, and the “sheer size” makes it a deterrent against oil cutoffs. 

On April 1, the SPR held 564.58 million barrels of oil in stock. As of Sept. 23, the SPR inventory stood at 422.58 million barrels, a decrease of 142 million barrels since Biden announced the release. 

In his op ed for Forbes, Rapier calls Biden’s decision to tap into the SPR a “gamble” in that he must hope the U.S. does not encounter a foreign oil supply crisis, which the SPR was created to address. At its highest in 2010, the SPR held 726.6 million barrels. It is now at its lowest in almost 40 years. In the past, the U.S. has become more reliant on its oil production to the point that, in 2021, America was a net exporter of crude oil. 

Rapier argues that historically, Democrats have reduced the SPR far more than Republicans. Former Presidents Bill Clinton and Barack Obama depleted the SPR to reduce high gas prices during election years.

While some note the SPR is unnecessary due to America's energy security, Rapier accuses Biden of using the SPR to help his party win in 2022. Biden announced he will refill the SPR, which Rapier predicts won’t happen until after the 2024 elections. 

Meanwhile, Biden has done things to erode the country’s energy security. Biden’s executive order on federal oil and gas leases was released on Jan. 27, 2021, citing the “climate crisis” as the main reason for the moratorium. 

“It is the policy of my administration that climate considerations shall be an essential element of United States foreign policy and national security,” he said, according to whitehouse.gov. 

The order addresses ways the administration will prioritize the climate crisis including “pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review.” 

Rapier sees Biden’s move to drain the SPR as contradicting his plan to reduce carbon emissions and combat the climate crisis. “An administration that has frequently emphasized the importance of reducing carbon emissions is trying to increase oil supplies to bring down rising oil prices — which will, in turn, help keep demand (and carbon emissions) high,” he wrote. 

The latest Gasoline Misery Index, which tracks how much the average American consumer will have to spend on gasoline on an annualized basis, reports that the average American is spending around $319 more on gas this year, when compared to the same time in 2021. North Carolinians are spending about $951 more on gas in 2022 when compared to the same time in 2021. 

Although gas prices have gone down in the last few months, the American Automobile Association announced the national average is rising as the supply becomes more limited and demand increases. AAA notes drivers should prepare for higher prices returning, due to limited distribution during Hurricane Ian and increasing crude oil prices.