Dumping the country's oil reserves was the only strategy to lower energy prices that Biden would accept. He continues blocking domestic drilling and taxes remain high. The practical impact of the reserve releases was negligible and, worse still, 5 million barrels of oil from the reserve were actually exported abroad.
More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs.
About 1 million barrels per day is being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986.
Considering the scale of even the national use, 20 million a day, there was never going to be much of an impact here.
U.S. officials have said oil prices could be higher if the SPR had not been tapped.
Ah, the hypothetical.
Anyway the oil went all over. --->READ MORE HERE
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| U.S. Army Corps of Engineers / Flickr |
More than 5 million barrels of oil from President Joe Biden’s “unprecedented” release from the nation’s emergency petroleum reserves were shipped overseas last month as domestic energy prices reached record highs amid roaring inflation.
According to Reuters, the fuel was exported to Europe and Asia as American consumers coped with a $5 average for a gallon of regular unleaded gasoline and $5.81 for diesel.
“The [Strategic Petroleum Reserve] remains a critical energy security tool to address global crude oil supply disruptions,” a spokesman for the Department of Energy told Reuters in a statement. The release to overseas nations, the representative added, helped stable the supply of oil, with shipments to the Netherlands, India, and China. Another ship is expected to carry American reserve oil overseas later this month.
On the final day of March, Biden ordered that 1 million barrels of oil be released from the nation’s emergency reserves for 180 days, which would strategically coincide with the timing of the November midterms, as the president faces political blowback for engineering high energy prices. Democrats with razor-thin majorities in both chambers are already bracing for a hostile election season since the president’s party has historically suffered tremendous losses in the first midterms. --->READ MORE HEREFollow link below to a related story:
Nolte: Joe Biden Ships U.S. Oil Reserves to Foreign Countries
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