Following Russia’s invasion of Ukraine in February 2022, the Biden administration, which has consistently blamed soaring energy prices on “Putin’s price hike” while not backing policies to support greater domestic oil production, announced a 30-million-barrel release and another 180-million-barrel release in March 2022.

SPR levels have fallen to just over 400 million barrels under Biden, down about 40 percent from its usual reserve levels and the lowest since 1984.