The Biden administration is reportedly considering tapping the Strategic Petroleum Reserve to counter rising gas prices this summer. Such a move would set a bad precedent. The SPR exists for reasons of national security, not political convenience.
Vikas Dwivedi, a global oil and gas strategist, told Bloomberg that the White House might turn to the SPR to offset an expected spike in gasoline prices during the summer. “There are not many tools available” to stave off price increases, Dwivedi said. The analyst noted that turning to the country’s emergency reserves “is one of the most effective” ways to limit the pain that consumers might feel at the pump.
It is normal for gas prices to increase during the summer, a peak driving season. But it isn’t normal to turn to the SPR to keep prices down in an election season. In November 2021, the Biden administration turned to the…
