The Energy Information Administration reveals that Petroleum Reserves in the United States have hit their lowest level in decades amid the high inflation and increasing prices for food and energy.
According to recent data released by the department, the Strategic Petroleum Reserve levels have reached their lowest levels in four decades as winter and weather conditions slowly approach.
As the prices for gas continued to rise, as a response, US President Joe Biden released one million barrels of oil per day from the Strategic Petroleum Reserves.
Reports revealed that it is a stock of emergency crude oil which was created to “reduce the impact of disruptions in supplies of petroleum products.”
Just this August, reserves fell to 461 million barrels from 638 million barrels last January 2021.
In a statement released by the White House early this year, it stated that “the scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up.”
Reports also revealed that more than five million barrels were sent to other nations including India, the Netherlands, Italy and a Chinese oil company with links to Hunter Biden.
As the emergency reserves continue to decline months ahead of the winter season, Americans are starting to worry especially after the Farmer’s Almanac relieved that the United States could be positioned to experience a “cold December and a very cold January.”
After Joe Biden won the presidential seat, the national average price of gasoline was $2.38 per gallon. However, it immediately increased to $3.53 per gallon by the start of the Russian invasion of Ukraine, the Energy Information Administration revealed.
However, the prices for gas surpassed $5.00 per gallon in early June before subsiding to $3.92 per gallon as of Friday, the AAA reported.
Amid the surge in gas prices, President Biden blamed Russian President Vladimir Putin and claimed that he was the main factor behind soaring energy costs.
““Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine. Even as we continue our work to defend freedom in Ukraine, we must do more — and quickly — to get prices down here in the United States.” Biden said in a June statement.
