The last time we checked on the Strategic Petroleum Reserve (SPR) status, Biden’s plummeting poll numbers amid rising fuel prices led the White House to consider tapping into the Strategic Petroleum Reserve et again.
The reserve sits at historically low levels.
The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983 last week as U.S. gasoline prices and oil prices ticked up, according to federal data released Wednesday.The level of the SPR — an emergency stockpile of crude oil managed by the Department of Energy (DOE) — declined to 375.1 million barrels last week, marking the first time it has fallen below 378 million barrels since December 1983, according to the Energy Information Administration. Prior to last week, the reserve’s lowest level since 1983 was recorded on Dec. 30, 1983, when it hit 378.3 million barrels.Meanwhile, the average pump price nationwide ticked up for the second consecutive day Wednesday, hitting $3.13 per gallon, according to a AAA database. And Tuesday the West Texas Intermediate index, the U.S. oil benchmark, increased 1% to more than $80 per barrel and the Brent crude index, the top global oil benchmark, increased 2% past $85.50 per barrel.
House Republicans seek to protect the SPR in the first set of bills they’re expected to take up once they can start legislating.
While their legislation is unlikely to make it through the Democrat-led Senate and past President Biden, including these bills among the first of the new Congress signals that the nation’s oil reserves will be a key policy priority for the GOP.On Friday, Rep. Steve Scalise (La.), a key Republican leader, released a list of “meaningful, ‘ready-to-go’” bills that will be the first that the party takes up, including two bills related to the strategic oil reserves.“These commonsense measures will address challenges facing hard-working families on issues ranging from energy, inflation, border security, life, taxpayer protection, and more,” he said of the 11 total bills in a dear colleague letter.
The Republican proposal would tie the tapping of the SPR to sensible policies designed to help the nation’s energy independence and security.
The party is slated to take up two bills aimed at future oil releases: one that would prevent new releases of SPR oil unless there is a plan in place for more leasing for new oil and gas drilling on the nation’s public lands and another that would prevent SPR barrels from being sold to entities under the ownership, control or influence of the Chinese Communist Party.“We wanted to start with some things on [SPR] which we’ve seen President Biden raid to cover for his failed policies,” Scalise told reporters.Scalise added that Republicans will be “doing a lot of bills to lower energy costs and have a good energy strategy that allows us to create our own energy” but said committees like Energy and Commerce and Natural Resources would have to do work on those.
Of course, work can’t start until a Speaker of the House is selected. Here’s hoping for the best possible result.
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