(CNSNews.com) - "There are still 400 million barrels of oil in the Strategic Reserve. It is more than half full," Jared Bernstein, a member of the White House Council of Economic Advisers, told "Fox News Sunday."
"I think people don't quite have the capacity number in their head," Bernstein said. "And the largest draw that we've ever done that President Biden presided over in March is 180 million barrels.
"So, the fact is, there is capacity to use the SPR to deal with some of the energy shocks we're seeing in the world. But I'm not saying we will. That's up to the president to decide; he hasn't made that decision yet," Bernstein said.
"But if you look at unconscionable action of Putin, weaponizing energy, amplified by the short-sighted and misguided decision by OPEC Plus recently, then sure, having the SPR there for potential release is an important -- important tool."
At the end of September, the U.S. Strategic Petroleum Reserve had dropped to a 38-year low, with 416,389,000 barrels of oil -- 34.74 percent below the 638,086,000 barrels at the end of January 2021, when Joe Biden became president. The SPR's current maximum capacity is 714,000,000 barrels.
After Russia invaded Ukraine, President Biden announced what the White House called "the largest release of oil reserves in history, putting one million additional barrels on the market per day on average -- every day -- for the next six months."
As the White House noted, "The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up."
The release was meant to bring down escalating retail gasoline prices by increasing supply.
On Sunday, Bernstein told "Fox News Sunday" host Shannon Bream, "[T]here are 14 states with price of gas at $3.50 or below. So, that's some progress, and it relates to President Biden's release of oil from the Strategic Reserves," he said.
"OK. How long can we do that?" Bream asked, telling Bernstein, "there is a bottom to that."
"So I knew you'd ask me that because I know you're very interested in the Strategic Reserve and its capacity," Bernstein said.
"As all Americans should be," Bream responded.
"Yeah, as all -- on Sunday morning, what else are we thinking about than SPR capacity?" Bernstein joked, before mentioning that the SPR is "more than half full."
The chart below shows how oil reserves have declined under President Joe Biden.
Also See:
Sen. Cotton: 'It's Called the Strategic Petroleum Reserve. It's Not the Political Petroleum Reserve'