Editor-in-Chief posted: " By Staff Reporters *** The Biden administration will release 1 million barrels of oil every day for the next six months but also to flood the market with supply and tamp down spiking gas prices. This release from the Strategic Petroleum Reserve (SP"
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The Biden administration will release 1 million barrels of oil every day for the next six months but also to flood the market with supply and tamp down spiking gas prices. This release from the Strategic Petroleum Reserve (SPR) is the biggest ever announced by the US, and it underscores just how politically sensitive the issue of gas prices remain.
Oil prices were already on the rise before the war in Ukraine, but when Russia launched its invasion, a portion of its energy supplies were shunned by many Western governments—causing prices to go vertical.
The national average price for a gallon of gas has shot up from $2.87 last year to $4.23 currently.
The SPR was created in 1975 following another major shock to the US economy: the Arab oil embargo. To ensure the US never had to suffer through shortages like that again, the government amassed a huge stockpile of crude oil along the Gulf Coast for rainy days.
The US has tapped the SPR three times in the last six months to support thirsty energy markets.
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