NEWYou can now listen to Fox News articles!
In response to continued high gasoline prices, President Joe Biden recently announced an extension of withdrawals of about 1 million barrels per day from the Strategic Petroleum Reserve (SPR), the nation’s emergency oil stockpile. We could be getting at least that much oil from additional domestic drilling. Alaska’s Arctic National Wildlife Refuge (ANWR) alone has the potential to provide up to 1 million barrels a day, but drilling there has been blocked by the Biden administration since Inauguration Day. Here are five reasons why ANWR is a superior source of oil to the SPR.
1. ANWR would provide additional oil, not borrowed oil that must be paid back
The SPR contains previously produced oil purchased by the federal government and held in reserve for an emergency. Because of the Biden administration withdrawals over the last several months, the SPR is currently at 30-year lows and at some point will have to be refilled if it is ever to be available again. Indeed, energy markets recognize that the SPR must be paid back barrel for barrel, which is one reason why tapping it rarely reduces oil prices as much as hoped. In sharp contrast, ANWR would of course never have to be