I have often noted that presidents have few ways to impact gasoline prices in the short term. However, one of the ways they can make a short-term impact is to release oil from the nation’s Strategic Petroleum Reserve (SPR). The U.S. created the SPR in 1975 following the 1973–1974 oil embargo, to protect against future oil supply disruptions. Although it is supposed to be used for severe supply disruptions, politicians have historically used it to try to stem rising gasoline prices — especially in election years. Thus, in this…
