The world today is facing amazingly complex issues:high inflation,war on the European continent,a prolonged pandemic,supply chain meltdowns,food shortages,political turmoil,the threat of climate change and sky-rocketing energy prices.While the degree to which these crises can be managed by public officials varies significantly,energy pricing is one area where government action can indeed make a difference,for better or worse.Let's take a closer look at what the government is and is not doing to help us meet today's energy challenge.In March,the Biden administration began the largest release ever of the Strategic Petroleum Reserve(SPR)by committing to withdraw 1 MMbbl/d for six months.Although the notion of flooding the market with additional oil might make for a good headline,the reality is that the SPR exists to supply the U.S.with oil in the case of a national emergency.SPR releases are merely increasing our vulnerability to an actual supply emergency at home without offering any relief at the pump.To that end,by May,the SPR dropped to the lowest level since 1987.
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