Editing Strategic Petroleum Reserve (United States) (section)

===Drawdowns since 2015===

Since 2015, Congress has been selling the oil in the reserve to fund the deficit, in unpublicized sales. The U.S. Department of Energy has run seven sales since 2017, selling more than 132 million barrels, or about 18.2% of what had been in the reserve.<ref name=puko-ferek/><ref name="Energy Information Agency"/>

According to legislation already in place, the amount of oil in the reserve could fall to as little as 238 million barrels by 2028.  This will be a 67% reduction of oil in the reserve since 2010.<ref name=EIa20180221 />

The legislation is summarized below:

* The Bipartisan Budget Act (Section 404), enacted in 2015, includes authorization for funding an SPR modernization program to support improvements deemed necessary to preserve the long-term integrity and utility of SPR's infrastructure by selling up to $2 billion worth of SPR crude oil in fiscal years 2017 through 2020. Although the estimated volumes presented in the chart above are based on an assumed oil price of $50 per barrel, the actual final sales volumes will depend on how SPR decides to allocate the sales volumes across those fiscal years and the actual price of crude oil at the time of the sales. For the Section 404 sales, SPR must get an appropriation from Congress to approve its requested sales revenue target.<ref name="start-this-month">{{cite web |title = Strategic Petroleum Reserve sales expected to start this month |work = Today in Energy |publisher = Energy Information Administration |date = January 26, 2017 |url = https://www.eia.gov/todayinenergy/detail.php?id=29692 }}</ref>
* Another section of the Bipartisan Budget Act (Section 403), enacted in 2015, mandates SPR crude oil sales for fiscal years 2018 through 2025 on a volumetric basis, rather than on a dollar basis, as specified in Section 404. The revenues from sales authorized under section 403 will be deposited into the general fund of the U.S. Department of the Treasury.<ref name="start-this-month"/>
* The Fixing America’s Surface Transportation Act, enacted in December 2015, calls for SPR sales totaling 66 million barrels from fiscal years 2023 through 2025.<ref name="start-this-month"/>
* The 21st Century Cures Act, enacted in December 2016, calls for the sale of 25 million barrels of SPR crude oil for fiscal years 2017 through 2019. The first portion of these sales is expected in late spring 2017.<ref name="start-this-month"/>
* In December 2016, the DOE announced it would begin the sale of {{convert|190|Moilbbl|m3}} in January 2017.<ref name=twip2016>{{cite web |title = This Week in Petroleum |url = http://www.eia.gov/petroleum/weekly/archive/2016/161221/includes/analysis_print.cfm |publisher = United States Department of Energy |access-date = December 21, 2016 |date = December 21, 2016 }}</ref>
* The Tax Cuts and Jobs Act of 2017, enacted in December 2017, calls for the sale of 7 million barrels over the two-year period of FY 2026 through FY 2027.<ref name=EIa20180221 />
* The Bipartisan Budget Act of 2018, enacted in February 2018, calls for the sale of 30 million barrels over the four-year period of FY 2022 through FY 2025, 35 million barrels in FY 2026, and 35 million barrels in FY 2027.<ref name=EIa20180221 />
* In November 2021, the White House announced the release of {{convert|50|Moilbbl|m3}} to address high gasoline prices.<ref name=sprcnn>{{cite web |title = Biden To Announce Release of Oil Reserves In Effort To Lower Gas Prices |url = https://www.cnn.com/2021/11/23/politics/biden-oil-reserves-gas-prices/index.html |publisher = CNN |access-date = November 23, 2021 |date = November 23, 2021 }}</ref><ref name="Reuters2021">{{cite web |url = https://www.reuters.com/markets/commodities/us-set-unveil-emergency-oil-release-bid-fight-high-prices-2021-11-23/ |title = U.S. challenges OPEC+ with coordinated release of oil from reserves |publisher = Reuters |access-date = November 23, 2021 }}</ref>
* On March 1, 2022, President Biden announced the release of 30 million barrels of oil from the reserve in response to [[2022 Russian invasion of Ukraine|Russia's invasion of Ukraine]].<ref>{{cite web |first = Jacob |last = Fischler |title = Biden OKs release of 30 million barrels of oil from Strategic Petroleum Reserve |url = https://www.nbc12.com/2022/03/05/biden-oks-release-30-million-barrels-oil-strategic-petroleum-reserve/ |date = March 5, 2022 }}</ref>
*On March 31, 2022, President Biden announced that his administration would release 1 million barrels of oil per day from the reserve for the next 180 days.<ref name="NYTimes-April2022" /><ref>{{cite news |url=https://www.axios.com/biden-strategic-petroleum-reserve-oil-release-382b5121-a795-4c33-80f0-b9dc832e46e4.html |title=Biden ordering massive release of oil in bid to curb gas prices |last1=Geman |first1=Ben |last2=Doherty |first2=Erin |website=Axios |date=April 1, 2022 |access-date=April 4, 2022}}</ref>