President Joe Biden announced on Tuesday that he would tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil, but that won’t last long.
The U.S. Energy Information reported, “In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum.”
Biden said 32 million barrels “will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead,” with the other 18 million authorized for sale via Congress. That means the total amount of oil tapped will be just over 2.5 days worth.
Oil prices have soared to seven-year highs and U.S. retail gasoline cost have hit an average of $3.42 a gallon, also the highest in seven years.