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The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage in salt domes along the Texas and Louisiana Gulf Coasts. They have a combined capacity of 714 million barrels. The inventory as of 4 September was 621.3 million barrels, or about 30 days of US consumption.<\/p>\n
‘Till now, emergency releases of the reserve have occurred three times:<\/p>\n
In 1991, at the beginning of Operation Desert Storm, the United States, assuring the adequacy of global oil supplies with its allies, announced the emergency sale on the day the war broke out in the Persian Gulf.<\/p>\n
In September 2005, after Hurricane Katrina crushed the oil production, distribution, and refining industries in the Gulf regions of Louisiana and Mississippi.<\/p>\n
In June 2011, the United States and its partners in the International Energy Agency announced the release of 60 million barrels in response to crude oil supply disruptions in Libya and other countries.<\/p>\n
Katie Tubb<\/strong><\/p>\n While President Joe Biden seems to have no qualms about advancing regulations and policies that will increase energy prices for Americans, he clearly does not like the flak he\u2019s getting right now for high gas prices and energy bills.<\/p>\n Feeling heat from rising gasoline prices, Biden authorized two releases totaling 50 million barrels of oil from the Strategic Petroleum Reserve to be delivered between the end of December through April 2022.<\/p>\n The Strategic Petroleum Reserve was created by Congress in the Energy Policy and Conservation Act of 1975 to meet the requirements for being a member of the International Energy Agency, itself an effort to coordinate responses by member nations to the 1973-1974 oil embargo by OPEC nations.<\/p>\n The 30 member nations must hold reserves of crude oil and\/or petroleum products covering 90 days of net imports. U.S. net imports of crude oil have fallen steadily as American production has soared since the inception of cost-effective hydraulic fracturing.<\/p><\/blockquote>\n ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~<\/p>\n To release reserves from the Strategic Petroleum Reserve independent of direction from Congress, the Energy Policy and Conservation Act requires a presidential finding that there is a \u201csevere energy supply interruption\u201d and that:<\/p>\n \u201cAn emergency situation exists, and there is a significant reduction in supply, which is of significant scope and duration.\u201d Each of these criteria exist, are self inflicted, and easily remedied. Joe’s Handler’s largess of 50 million barrels will last nearly three days and have to be replaced. It also will do nothing to stem the tide of 2022 conservative voters.<\/p>\n the Hill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
\n\u201cA severe increase in the price of petroleum products has resulted from such emergency situation.\u201d
\n\u201cSuch price increase is likely to cause a major adverse impact on the national economy.\u201d<\/p><\/blockquote>\n