The U.S. SPR (Strategic Petroleum Reserve) Is Now At A 40-Year Low

In a surprise to no one (we told you so), oil prices are heading up towards $100 a barrel, while the Strategic Petroleum Reserve is way down, now at a 40-year low.

"The Strategic Petroleum Reserve was not designed to be a strategic political reserve" said Tim Stewart, president of the U.S. Oil and Gas Association, "And they really are stuck with a difficult price environment right now, with no solutions at all."

Gas prices in Texas usually drop in September, but thanks to the Biden administration, they have been steadily on the rise since June.

"They really are out of good options right now" Stewart told KTRH, "The SPR filling process took decades to get us up to the point where we were. We're in kind of a pickle here, with no good way to get out."

The Strategic Petroleum Reserve is supposed to be used for emergencies, but Biden depleted it in an attempt to keep prices down before last years midterms.