Posted: 20.10.2023 17:21:00

Media: Biden sold about half of US oil reserves

Joe Biden took advantage of the US strategic oil reserve last year, when the conflict between Russia and Ukraine led to a sharp increase in oil prices, and he is now being accused by Republicans for jeopardising the country's energy security, Politico reports


The publication reads that the Biden Administration sold off more than 40 percent of strategic oil reserves in 2022 to help limit the rise in fuel prices after the start of the special military operation. As a result, American stocks were at their lowest level since the early 1980s – becoming the reason for Republicans’ accusations that Biden made the United States vulnerable in the face of disruptions in global oil supplies. The situation in the Middle East has further increased the US fears that fuel supplies may be disrupted.

"This is Joe Biden's fault for trying to lower the price of gas before the election," congressman Bruce Westerman, a representative of the Natural Resources Committee, said. Prior to that, the former Republican Speaker, Kevin McCarthy, complained to reporters that ‘the strategic oil reserve has been reduced to zero’.

According to the source, there are still 351m barrels in reserve, which is even significantly lower than the peak level of 727m barrels reached during the Obama presidency.

The White House is trying to defend itself, arguing that enough oil is still stored in the reserves to meet the strategic needs of the country and create a safety cushion in case of price shocks. US Energy Secretary Jennifer Granholm said back in September that she was not worried about the level of reserves.