"Assessing the Impact: Biden's Oil Reserve Sell-Off and Crisis Preparedness"

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Source: POLITICO
"Assessing the Impact: Biden's Oil Reserve Sell-Off and Crisis Preparedness"
Photo: POLITICO
TL;DR Summary

President Biden's administration sold off over 40% of the Strategic Petroleum Reserve last year, leaving it at its lowest levels since the 1980s. Republicans argue that this has made the US vulnerable to disruptions in global oil supplies, particularly amid fears of a wider regional war in the Middle East. However, the administration maintains that the reserve still holds ample crude to protect the nation's strategic needs and offer a cushion against price shocks. While some conservatives have called for abolishing the reserve, analysts warn that its diminished volumes limit Biden's options to respond to future oil market shocks.

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