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U.S. Strategic Petroleum Reserve Falls to Lowest Level Since 1982

182 points · 234 comments · thelastgallon

  1. brightball · · focus · HN ↗
    Chart of strategic reserve levels since 1982, for context

    <a href="https:&#x2F;&#x2F;en.macromicro.me&#x2F;charts&#x2F;41674&#x2F;us-strategic-petroleum-reserve" rel="nofollow">https:&#x2F;&#x2F;en.macromicro.me&#x2F;charts&#x2F;41674&#x2F;us-strategic-petroleum...

    1. pstuart · · focus · HN ↗
      It looks like it started to plummet in April 2022, which was on Biden&#x27;s watch (disclaimer: I voted for him). It apparently was in response to supply chain shocks spiking oil prices due to the start of the war in Ukraine.

      Having the AI summarize the pros and cons of that action has valid points on both sides. But in his defense, that particular war was not of our doing, unlike the current war with Iran which was initiated impulsively.

      1. hadlock · · focus · HN ↗
        Selling oil out of the SPR is the new One Weird Trick Military Planners Hate! Biden was a generally fine president, but pulling oil out of the SPR to balance the budget was an extremely ugly way to do it, and hopefully that loophole gets plugged going forward.
        1. not2b · · focus · HN ↗
          That isn&#x27;t why he did it, it was not &quot;to balance the budget&quot;. It was to make up for the panic after Putin invaded Ukraine. US gasoline prices soared, going up to $4.84 per gallon in June 2022. Releasing the oil caused it to drop. It wasn&#x27;t given away, it was sold. The reserve was on the way back up in 2024, through when Biden left office. Furthermore, the government turned a large profit: they sold oil when it soared in price, and bought it back at a lower price.
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