Development follows Joe Biden’s record for largest drawdown of Strategic Petroleum Reserve
By Francis Kapper, Daily Caller News Foundation
Just when you thoughtgas prices could not get any higher, the real oil crisis is beginning to brew underground in America’s key oil reserve.
The U.S. Strategic Petroleum Reserve (SPR) is intended to maintain a stockpile of crude oil for periods of wartime or economic instability. The Iran War has pushed the U.S. to drain the SPR, which is now reaching critical levels, U.S. Energy Information Administration data shows.
The price of oil has surged past $100 per barrel as Houthi rebels have begun attacking ships in the Red Sea, Reuters reported, putting even more pressure on an already-constrained oil market.