Biden won't stop messing with the Strategic Petroleum Reserve

The Biden administration will likely be unable to keep down prices at the pump by tapping oil from the Strategic Petroleum Preserve (SPR) as it did in 2022, if Saudi-led production cuts cause prices to once again rise, according to various experts who spoke with the Daily Caller News Foundation.

OPEC+, a group of oil producing nations including Saudi Arabia and Russia, announced that they would cut oil production by roughly than 1.16 million barrels per day beginning in May, bringing the group’s total production cuts to 3.66 million barrels per day, Reuters reported. Oil prices surged roughly 6% Monday morning, and while the Biden administration had previously drained the SPR to its lowest level since 1983 in a bid to push down surging gas prices following the Russian invasion of Ukraine, if OPEC continues to push up oil prices, such a solution would be unlikely to work twice, Peter Earle, economist at the American Institute for Economic Research, told the DCNF.