Grand Canyon Times

Critics suggest that President Joe Biden is trying to appease voters with lower gas prices during election season by depleting the nation's Strategic Petroleum Reserve (SPR) to artificially lower prices.

Some people argue that this policy goes against the climate-control promises Biden made in his campaign.

The U.S. Department of Energy's most recent data showed that the nation's SPR of crude oil is at its lowest number of barrels since 1984. Gas prices in Arizona have fallen since Biden revealed on March 31 that he would open the SPR. These prices are beginning to rise again, however, due to OPEC's decision to cut production, according to data from AAA.

The U.S. Energy Information Agency (EIA) reported on Sept. 30 that the SPR contained 416.39 million barrels – a 32.7% drop from what the SPR held the previous year, 618 million barrels. The SPR has not dropped that dramatically since July 1984.

AAA's Gasoline Misery Index tracks how much more (or less) consumers spend on gasoline on an annualized basis. The latest numbers showed that the average American is spending approximately $341 more on gas this year when compared to last year at this time, and $837 more today than when Biden took office in January 2021. Consumers in Arizona are spending $649 more on gas compared to last year, with a statewide average of $4.567 per gallon as of Oct. 11.

Biden on March 31 revealed the release of up to 180 million barrels of crude oil from the SPR over a six-month period, as seen in this video posted on YouTube. The president said there would be a slight delay in declining gas prices but added that costs would eventually drop. The SPR usually keeps approximately 700 million barrels of crude oil in case of an unstable market supply or international emergencies, according to energy.gov. This gives the U.S. the world's largest supply of crude oil and makes it a deterrent against oil cutoffs.

The SPR held 564.58 million barrels of crude oil on April 1, ycharts.com reported. The stock has dropped by 148 million barrels since Biden's initial release to 416.39 million barrels, SPR data showed.

The national average price of gas was $3.923 per gallon as of Oct. 11, which is 19 cents higher than last month and 65 cents higher than a year ago, according to AAA. The national average rose 12 cents in one week after OPEC+ revealed plans to cut production by two million barrels per day and due to more drivers filling up.

Some people believe that the SPR is unnecessary due to America's energy security. Robert Rapier, in an opinion/editorial piece for Forbes, accused Biden of using the SPR to win at the polls in 2022. Although Biden has said he will refill the oil stockpile, Rapier predicted that will not happen until after the 2024 elections. Rapier called Biden's decision to tap into the SPR a gamble because the SPR was created to prevent a national oil shortage. He noted that the U.S. has become more reliant on its own oil production, such as in 2021, when the U.S. was a net exporter of crude oil.

The SPR reached 726.6 million barrels at its highest level in 2010. It is now below 420 million barrels, the lowest in almost 40 years. 

Biden issued an executive order on Jan. 27, 2021, ending federal oil and gas leases, according to a news brief from The White House. He cited the so-called climate crisis as the main reason for the moratorium. In the order, Biden said he would "prioritize the climate crisis" and "pause new oil and natural gas leases on public lands or in offshore waters, pending completion of a comprehensive review."

Rapier, however, argued that "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."

The Washington Free Beacon cited a Fox News interview with John Kirby, coordinator for strategic communications at the National Security Council. Kirby said the U.S. needs "to be less dependent on OPEC+ and foreign producers of resources like oil" after the OPEC+ cut announcement. 

Kirby used Biden's sale of drilling rights as proof of the administration's commitment to energy independence but failed to mention Biden's moratorium on new federal oil and gas leases. Kirby also failed to mention Biden's assertion that there would be "no ability for the oil industry to continue to drill, period," which Biden claimed during a debate with former President Donald Trump in 2020. 

The Washington Free Beacon accused Biden of looking to foreign oil and relying on OPEC while stifling domestic production. 

"The Biden administration is reportedly in panic mode as gas prices have surged in the past week and has threatened to take unprecedented executive action to limit oil exports unless oil executives bring prices down," the article said.

The White House announced the release of 10 million more barrels from the SPR in November, Fox Business reported. This was due to OPEC's decision to cut production by two million barrels per day. The administration's original plan was to stop releasing barrels from the SPR on Oct. 31.

"The president will continue to direct SPR releases as appropriate to protect American consumers and promote energy security," White House officials said.