XLE - Biden The Master Oil Trader Part III? President Refills Emergency Stash As Crude Price Slides | Benzinga
The Biden administration has been slowly replenishing stocks in the Strategic Petroleum Reserve (SPR) as oil prices fell in the fourth quarter, buying crude at prices that could rate the president as an oil trading legend.
The SPR is an emergency stash of crude oil — the world’s largest — that was created to ease oil supply problems or shortages. It was created in 1975 following the Arab oil embargo that saw crude and gasoline prices spike, and caused damage to the economy.
Back in 2022, in response to a price spike after Russia invaded Ukraine, President Biden ordered the release of 180 million barrels from the SRP to calm the market, bringing the price of Nymex WTI crude back from a highs well above $100 a barrel, to below $80.
See Also: US Is Producing More Oil Under Biden Than At Any Point Under The Trump Administration
It helped also to bring gasoline prices at the pump lower during a period when inflation was nearing its July 2022 peak of 9.1%. The Biden administration was using oil ...