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Oil reserves

U.S. oil reserve tumbles to lowest level in 4 decades

by Samantha Fields
Sep 22, 2022
Biden authorized the release of crude from the Strategic Petroleum Reserve to boost supply and ease gas prices after Russia invaded Ukraine.
An oil refinery in Wilmington, California. The Strategic Petroleum Reserve now holds around 427 million barrels, down from nearly 600 million at the beginning of the year.
Allison Dinner/Getty Images
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Higher gas prices are likely here to stay through the holidays

by Justin Ho
Nov 25, 2021
President Biden has released 50 million barrels of oil from strategic reserves, but oil production hasn't caught up to pre-pandemic levels.
Gas prices are nearly 60% higher than this time last year, according to AAA.
Andrew Caballero-Reynolds via Getty Images
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Biden administration considers its options as gas prices rise

by Justin Ho
Nov 18, 2021
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
There are several factors that go into why the price for gas can be so different from country to country.
Justin Sullivan via Getty Images
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