Reaction to President Joe Biden’s announcement on Tuesday that he is releasing some 50 million barrels from the Strategic Petroleum Reserve has been swift and critics agree that the move is only a temporary fix and won’t reduce the ongoing rise of gas prices at the pump.
That will require Biden reversing his policies that have hampered domestic production, including reopening shuttered pipelines and trying to ban oil and gas operations on federal lands.
According to the federal Energy Information Administration:
In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum. This was the lowest level of annual consumption since 1995. The drop in consumption in