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Outside the Box: Biden needs a win, but drawing down the U.S. oil stock is a bad idea

The notion of a strategic petroleum reserve (SPR) rose in popularity after the 1973-1974 oil embargo. OPEC has been opposed to the U.S. having such a strategic reserve because it does not want a reserve issued as a vehicle to manage global oil prices. Well, here it is.

President Biden is eager to show that he can be responsive to economic needs. Oil and gasoline prices are high, and oil sales from the SPR might help to drive them down. But what if more than one drawdown is needed? What if high prices linger? What then? 

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