The Strategic Petroleum Reserves’ diminished volumes limit President Biden’s options to respond to a future shock to the oil markets. | Brandon Bell/Getty ImagesAn energy crisis spawned by a Middle East war 50 years ago spurred the U.S. to create a huge crude oil stockpile to shield the country from threats by unfriendly nations.
Five decades later, the United States is the world’s biggest oil producer, which exports more crude and petroleum products than it imports. Its output is at record highs and is climbing, even as demand has flattened.Still, the reserves’ diminished volumes limit Biden’s options to respond to a future shock to the oil markets, including those that could result from a widening of the war in the Middle East.
Republicans have latched onto the petroleum reserve as part of a broader criticism of Biden’s policies, including his emphasis on countering climate change and his efforts to draw Hamas’ backer Iran back to the negotiating table over Tehran’s nuclear program. In response to questions from POLITICO, White House spokesperson Angelo Fernández Hernández said the Energy Department “remains committed to its replenishment strategy for the SPR” through purchases, crude oil exchanges, or by seeking to cancel sales sought by Congress.