The Biden-Harris administration’s decision to deplete the Strategic Petroleum Reserve (SPR) has raised significant concerns about the nation’s future energy security. While gas prices have stabilized in recent months, much of that relief has come from the massive drawdowns of the SPR. This short-term solution is poised to create long-term vulnerabilities for the country as oil reserves drop to historic lows.

Selling Off Reserves Amid Global Crisis

Following Russia’s invasion of Ukraine, the administration made the unprecedented move to sell off nearly 40% of the nation’s SPR supplies. The goal was to stabilize rising gas prices and combat inflation. When President Biden took office in January 2021, the SPR contained 638 million barrels of oil. Today, it holds only 367 million barrels—a staggering 42% decline. The decision to sell 290 million barrels marks the largest sale in history, leaving the U.S. with far fewer resources to address future emergencies.

Image below reflects SPR levels through Sept 2023. Image above reflects updated 2024 SPR levels, that are at a 40-year low.

Challenges in Refilling the Reserve

The Biden-Harris administration’s aggressive depletion of the Strategic Petroleum Reserve (SPR) has left the nation vulnerable to future energy shocks, potentially driving gas prices higher. By draining the SPR to stabilize prices in the short term, the administration has reduced the country’s emergency buffer to its lowest level in nearly 40 years. Without sufficient reserves, the U.S. could face significant price spikes in the event of further global supply disruptions or domestic production issues. Refilling the reserve would require purchasing crude oil, likely driving up demand and increasing prices at the pump. This gamble on short-term political gains could ultimately lead to long-term financial pain for consumers.

Congress Raises Concerns About Future Drawdowns

In response to the depletion, key congressional figures have raised alarm. House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-Wash.) and Senate Energy and Natural Resources Committee Ranking Member John Barrasso (R-Wyo.) sent a letter to Energy Secretary Jennifer Granholm. They criticized the administration’s handling of the SPR, pointing out the massive decline in reserves and raising concerns about reports of further drawdowns planned for this year. 

A Return to Carter-Era Vulnerabilities

The SPR was originally created in response to the energy crises of the 1970s, a period that highlighted the need for an emergency oil supply. The current administration’s actions have undermined those efforts, with reserves now sitting at levels not seen since the early 1980s. As the Biden administration prepares to leave office, the failure to replenish the SPR has left the U.S. vulnerable to future energy disruptions, mirroring the very risks that led to its creation during the Carter era.