WASHINGTON, D.C. – An energy worker advocacy group is calling on the Trump administration to refill the Strategic Petroleum Reserve now that oil prices have fallen to four-year lows.
Former President Joe Biden drained the reserve of more than 40% of its capacity when gas prices reached record highs, averaging more than $5 a gallon across the U.S. in June 2022.
With the price of a barrel of crude oil at about $61, Power The Future says it’s the right time to restock the reserve.
“This drop in oil prices is not only potential good news for Americans at the pump, it also provides a window to strengthen our national energy security,” Daniel Turner, founder and executive director of Power The Future, said Monday.
The Strategic Petroleum Reserve was created in 1975 after member countries of the Organization of Arab Petroleum Exporting Countries placed an embargo on oil production and distribution, leading to oil shortages and higher costs. The stock pile of oil in the reserve is meant to protect the U.S. from similar supply disruptions.
“Joe Biden left America weaker by not refilling the SPR, but today’s prices provide an opportunity to fix yet another one of his failure,” Turner said. “The SPR can now be refilled while giving taxpayers a break and it can be purchased tariff-free because we’ll use all American-made energy.”
Dan McCaleb is the executive editor of The Center Square. He welcomes your comments. Contact Dan at dmccaleb@thecentersquare.com.
This article was written by Dan McCaleb and originally published by The Center Square. It is republished here with permission.
