Strategic Petroleum Reserve Drops Below 400M Barrels for First Time in 38 Years

Ahead of the midterm election, President Biden often takes credit for reducing gasoline prices, but the reduction comes at the expense of the nation’s emergency oil stockpile.

According to the most recent data from the U.S. Energy Information Administration, the Strategic Petroleum Reserve has just dipped below 400 million barrels, a low not seen since May 1984.

For the week ending October 28, there were 399,792,000 barrels of oil in the SPR, a 37.34 percent decrease from the 638,086,000 barrels in the SPR when Biden took office. The maximum capacity is 714,000,000 barrels.