The prominent outcome of the United States SPR release in 2022
Mr. Choeib Boutamine
November 22, 2024
The creation of the Strategic Petroleum Reserve (SPR) in 1975 came to deal with trade and oil conflicts, price volatility, and unstable supply.
SPR witnessed drawdowns in the 1990s of 20 up to 50 million barrels, but the 2022 drawdown of 180 million barrels (announced by the Biden administration) was massive and unprecedented as it came amid a unique circumstance marked by high inflation and crude oil prices.
The 2022 release contributed to providing more security in terms of oil supply, and a remarkable growth of US supply in crude oil, which reflects the adequacy of the release decision.
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