https://issuesinsights.com/2024/05/28/a-sneaky-way-to-end-fossil-fuel/
When candidate Joe Biden promised while on the campaign trail that “we’re going to end fossil fuel,” could anyone have guessed that emptying the nation’s Strategic Petroleum Reserve was part of the plan? Maybe Biden had that in mind all along – enact policies that raise the price of gasoline, dip into the reserves to lower prices for consumers, then finally wring them dry for, putatively, the same reason. That’s one way to get rid of quite a lot of fossil fuel.
The federal Strategic Petroleum Reserve is “the world’s largest supply of emergency crude oil,” says the Energy Department. It was created in 1975 by the Energy Conservation Act, “primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program.” The oil is stored in underground salt caverns at four sites along the Gulf Coast. Initially planned to hold up to 1 billion barrels of petroleum, the authorized storage capacity, at 714 million barrels, is a bit short of that. Still, says the Energy Department, this “makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy.”
The SPR was never intended to be a political chip, to be tapped into by a president who wants to temporarily push down gasoline prices to gain votes.
Nor was it to be used as a means to end fossil fuels, a Democratic Party dream that would be a long national nightmare for the country.
The Biden administration has authorized two releases from the country’s petroleum reserves. Last week it announced the sale and liquidation of 1 million barrels from the Northeast Gasoline Supply Reserve, established after 2012’s Hurricane Sandy damaged refineries and terminals, and left “some New York gas stations without fuel for as long as 30 days.” The Energy Department says this “solicitation is strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer.”