President Biden has drawn down the SPR by 266 million barrels in his first two years, and has announced the most aggressive SPR drawdown in history, largely in response to rising gasoline prices and the invasion of Ukraine by Russia.
The SPR began to be filled in 1977, which was the first year of President Carter’s term. By the time Ronald Reagan was inaugurated, the SPR level had been filled to about 108 million barrels.
Following the terrorist attacks of September 11, 2001, President George W. Bush announced that the SPR would be filled to its capacity. He said “The Strategic Petroleum Reserve is an important element of our nation’s energy security. To maximize long-term protection against oil supply disruptions, I am directing the Secretary of Energy to fill the SPR up to its 700-million-barrel capacity.”
During President Obama’s first term, the SPR was depleted by 7 million barrels. But from its peak the SPR was reduced by more than 30 million barrels by the end of Obama’s first term. President Obama’s second term saw less activity in the SPR, with the level decreasing by only another 200,000 barrels.
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