False. "US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of
385.83M,
up from 384.64M last week and up from 351.27M one year ago. This is a change of 0.31% from last week and 9.84% from one year ago."
And why were the reserves being released?
To lower the cost of gasoline in 2022. Drawdowns are usually done to combat the high cost of gasoline or other factors.
"Beginning in November 2021, President Joe Biden’s administration has used the Strategic Petroleum Reserve (SPR) to combat rising gas prices. In March of 2022, the administration announced a new release of 180 million barrels of oil into the supply chain, the most in the reserve’s history. As a result, the total amount of oil in the SPR decreased by more than 20% between November 2021 and July 2022."
"
A Treasury Department analysis showed releases from the reserve contributed to a 13 to 31 cent per gallon decrease in the price of gas through July."
"A report released by the Treasury Department indicates that the effort did initially impact gas prices."
So you bitch about the high cost of gas then bitch about the reserve level in the SPR.
To no one's surprise (except may you),
Trump LIED about his SPR reserve history:
“So after 50 years of being virtually empty, I built up our oil reserves during my administration, and low energy prices, to 100% full. It’s called the Strategic National Reserves, and it hasn’t been full for many decades. In fact, it’s been mostly empty.”
HOWEVER:
"President Trump became the first Republican president in the history of the SPR to see a net decline in the SPR volume during his term."
"According to data from the Energy Information Administration (EIA), when Trump took office in January 2017, the SPR contained 695 million barrels. When he left office four years later, the SPR contained 638 million barrels. So, the level of the SPR actually declined while President Trump was in office."