Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve.
More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down the high pump prices that voters despise.
The SPR is a series of underground storage caverns holding vast amounts of crude oil that can be released during wars, hurricanes or other break-the-glass moments. And Biden has not been shy about doing just that, especially since Russia invaded Ukraine in February.
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