Strategic Petroleum Reserve: Can It Really Lower Gas Prices?

Douglas McIntyre from Climate Crisis 247 discusses the Biden administration’s use of the Strategic Petroleum Reserve (SPR) to lower gas prices. The SPR, holding about 700 million barrels of oil, is intended for emergencies like supply interruptions. The administration’s current strategy involves releasing oil to increase market supply and reduce gas prices, potentially alleviating inflation concerns and influencing voter behavior. However, McIntyre points out that even releasing 100 million barrels may have a minimal impact on global oil supply. The effort seems more psychological, aimed at showing action to reduce living costs. Ultimately, its effectiveness in significantly lowering gas prices is doubtful.