> SEC. 2. The purposes of this Act are—
> (1) to grant specific standby authority to the President, subject to congressional review, to impose rationing, to reduce demand for energy through the implementation of energy conservation plans, and to fulfill obligations of the United States under the international energy program;
> (2) to provide for the creation of a Strategic Petroleum Reserve capable of reducing the impact of severe energy supply interruptions ;
> (3) to increase the supply of fossil fuels in the United States, through price incentives and production requirements;
> (4) to conserve energy supplies through energy conservation programs, and, where necessary, the regulation of certain energy uses;
> (5) to provide for improved energy efficiency of motor vehicles, major appliances, and certain other consumer products;
> (6) to reduce the demand for petroleum products and natural gas through programs designed to provide greater availability and use of this Nation's abundant coal resources; and
> (7) to provide a means for verification of energy data to assure the reliability of energy data
So it very much is about ensuring supply and and price stabilization.
[1] https://www.govinfo.gov/content/pkg/STATUTE-89/pdf/STATUTE-8...
We have less need for the SPR today because we produce so much, and thus the "supply shocks" it was created to prevent can't really happen anymore—certainly not at the same level as the 1970s.
Prior to Biden draining it this year, Congress had already approved dramatically reducing the SPR by 2030.
This is an article talking about how $5/gal was breaking records. It’s still higher than that now.
Eventually, there will either be no more gas or the house will be completely burned down.
Look at prices when he took the oath and compare. Putin didn't do it all. Shutting down US production was a huge mistake.
Oh nevermind.
US Field Production of Oil: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...
US production in 2022 is up 29% over 2021 (when Biden took office)
US production in 2022 is up 22% over 2020.
The monthly numbers for 2020 are: 12,852 12,842 12,797 11,914 9,713 10,442 11,006 10,577 10,921 10,457 11,196 11,169
which yields an average production of 11323.83333 thousand barrels a day for the year.
This year, production is the following: 11,369 11,316 11,701 11,668 11,615 11,816
which yields an average production of 11580.83333 thousand barrels a day for the year.
11580 (2022) is greater than 11323 (2020) by about ~22%.