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. That has left this emergency oil stockpile at its lowest point since June 1984 — a time when both the US economy and energy demand was significantly smaller than today. The SPR headlines are rattling an energy market already on edge over a potential recession. US oil prices dropped 3% to $82.82 on Tuesday, returning to levels last seen before rumors swirled regarding OPEC+’s controversial production cuts. They’ve done a tremendous job achieving their goal of trying to get energy prices lower,” said Michael Tran, managing director of global energy strategy at RBC Capital Markets.

---