In late March, as the price of gasoline spiked, his administration threw open the spigot of the National Strategic Petroleum Reserve and began releasing a million barrels a day to, in the president's telling, "provide a historic amount of supply" until domestic production could ramp back up. But some of that historic supply meant to ease domestic pain ended up overseas
The White House is using the Strategic Petroleum Reserve (SPR) to show that they are supporting American consumers in the face of "Putin's price hike."
- The administration claims that the SPR is a critical energy security tool to address global crude oil supply disruptions.
- Domestic oil and gas companies are eligible for sales and exchanges from the SPR and have benefited from releases to date. So have foreign companies, including China and India.
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