00:00Gas prices ticked down again over the last week, which is obviously welcome news.
00:04Part of the reason prices have come down while peace in the Middle East is on such shaky ground
00:08is because the United States has been drawing down from the Emergency Strategic Petroleum
00:12Reserve. And now a new report from the Government Accounting Office says the reserve has fallen to
00:17its lowest level since the 1980s, less than 350 million barrels after hundreds of millions of
00:24barrels were released in response to the wars in Ukraine and Iran. It's an emergency stockpile
00:29that much is clear from its name, meaning it's not intended for continued use. But the Energy
00:34Department has already announced plans to release another 172 million barrels to help further ease
00:40high gas prices. This report flags that there needs to be a clear long-term plan to refill the reserve
00:46and asks lawmakers to consider how large the stockpile should be going forward.
00:50The Trump administration says it has a plan to replace more oil than it's releasing over the
00:55next year at no cost to taxpayers. But the GAO is urging Congress and the Energy Department to
01:00develop a comprehensive strategy to ensure the nation's emergency oil supply is ready when it
01:05is needed most. Basically, future-proof it. Ah yes, if that is not enough, they also found that the
01:10reserve's infrastructure is really showing its age. Most of the wells used to store the oil are well past
01:15their expected 20- to 30-year lifespan, and officials say there's now more than $230 million in deferred
01:21maintenance.
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