Since Russia’s invasion of Ukraine, President Biden has overseen the largest sale of oil from the Strategic Petroleum Reserve (SPR) ever, to ease prices at the gasoline pump.
Having released 160 million barrels of crude since March, more than a quarter of the stockpile, the Energy Department has reduced the reserve to its lowest level in four decades.
Some oil experts say continuing the withdrawals could test the nation’s energy security. But even though oil prices have fallen sharply from their peak, the administration is not ready to start refilling the reserve. Instead, rather than ending the releases in October as planned, it has decided to extend them, at a lower rate, for at least another month.