President Joe Biden has been using the emergency oil stockpile for the United States. Ultimately the reason being to lower the high pump prices here in America. 

According to CNN, “The amount of oil in the SPR, (Strategic Petroleum Reserve, world’s largest supply of emergency oil), is down by roughly a third — 36% to be exact — since Biden took office in January 2021. That has left this emergency oil stockpile at its lowest point since June 1984 — a time when both the US economy and energy demand was significantly smaller than today.”  SPR is multiple underground storage caverns that hold extreme amounts of oil. Used to be released during hurricanes, wars and many other things. 

The president is planning to announce a sale of 15 million more barrels from the SPR, October 19th, 2022. “US oil prices dropped 3% to $82.82 on Tuesday, returning to levels last seen before rumors swirled regarding OPEC+’s controversial production cuts. Analysts pinned the blame for the selloff on the SPR news” via CNN . It has been said that the strategy President Biden is using has been effective. 

On October 18th, the average of a gallon of gas was $3.87. Lower than the average in June of $5.02. Tom Kloza stated, “It has been effective, so far,” It has said that there is a 50/50 chance that the price of gas will drop back down to $3.67 a gallon like it was once before.