The nation’s Strategic Petroleum Reserve remains low because of President Biden’s use of the crude oil last year to lower national gasoline prices.
While some Oklahoma members of Congress were highly critical of Biden’s political use of the crude oil, the Dallas Federal Reserve Bank is out with a study on the questions of whether the Reserve needs to be fully restored.
One of the questions was: “First, because of a significant decline in U.S. oil imports over the past decade, does the SPR need to be as large as it once was?”
A second question: “with U.S. refineries requiring a combination of crude oil grades produced domestically and abroad, what might be an appropriate mix of oils for the SPR? And finally, what amount of SPR refill is possible with available funding and how much more might be required?”
Click here for Survey study