Wednesday, November 1, 2023

Need to worry about oil reserve?

In response to the U.S. helping Israel during the Yom Kippur War in 1973, Arab nations blocked oil from flowing to the U.S. 

The prices soared so much that it prompted President Gerald Ford to create the Strategic Petroleum Reserve to protect the U.S. from future similar events. 

The issue today is the reserve has been greatly depleted under the current president.

Over 200M barrels of crude oil have been pulled out by President Joe Biden since the beginning of last year — around 40% of what was stored.

Secretary of Energy Jennifer Granholm has repeatedly told Congress that there are no current worries about the state of the country's reserve. The White House has also said there are plans to replenish the reserve in the future.

It's worth keeping an eye on. 

(Column by Scripps Howard political editor Joe St. George.Running low: US strategic oil reserve reaches lowest level in decades (katc.com)

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