https://markets.businessinsider.com/news/commodities/oil-prices-strategic-petroleum-reserve-joe-biden-inflation-fed-rates-2023-9
Oil prices are surging again, but this
time Biden has way less ammunition to
bring them down
Markets Insider, by Jason Ma
Posted By: NorthernDog, 9/9/2023 6:06:43 PM
Oil prices are surging again, but the Biden administration's biggest weapon for bringing them down has much less ammunition. Last year, the federal government drained 180 million barrels from the Strategic Petroleum Reserve as oil prices soared in the aftermath of Russia's invasion of Ukraine and the turmoil in energy markets that followed. Flooding the market with all that supply helped bring oil prices down — and helped cool inflation, which had shot up as well. Earlier this year, the administration took some steps to start refilling the SPR. But while it has ticked up slightly, the level remains near