WHY THE SPR RELEASE IS A POLITICAL STUNT THAT RISKS NATIONAL SECURITY

摘要

The Biden administration's politically motivated release,over six months,of 180 MMbbl of crude oil from the Strategic Petroleum Reserve(SPR)exceeds his authority and threatens national security.Following the 1973 Arab Oil Embargo,Congress created the SPR through the Energy Policy and Conservation Act(EPCA)of 1975.To prevent government interference with normal market functions,EPCA specifically limited oil reserve releases when there are emergency shortages caused by a sever interruption of imported or domestic oil supply or an act of sabotage,terrorism or"acts of God"such as hurricanes.While all consumers are suffering from high-priced gasoline,the price increases are not due to a severe oil supply interruption.Unlike the 2011 Libya civil war,Russia's invasion of Ukraine has not caused a disruption of supplies in the world markets.In fact,the U.S.and EU sanctions on Russia expressly exempt Russia's sales of oil.Even the sanctions on Russian banks'use of the Society for Worldwide Interbank Financial Telecommunications international transaction system exclude energy sales.