Biden cracked down on oil production in the US when he came into office. He announced he was going to open the US oil reserves last year even before the Ukraine-Russia war in an effort to lower gas prices ahead of the holiday season.
The Gateway Pundit previously reported last November that they have sold America’s reserves of oil to Asia. How does this make sense?
According to a report from Bloomberg:
About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler. Three cargoes were loaded onto a supertanker in the U.S. Gulf Coast and are headed to Asia.
“Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.
Another report coming from FOX Business that the oil reserves are expected to go to India and China.
President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said.
The White House said the Department of Energy will release 50 million barrels of oil held in U.S. reserves — 18 million of which have already been congressionally approved for sale.
China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.
Joe Biden then lectures US gas and oil companies after Russia invades Ukraine during his Russia address last February. Then he immediately begged foreign countries to release more oil from their reserves.
On Wednesday, sources revealed that the Biden administration is weighing releasing one million barrels of oil reserves per day for several months in an attempt to lower fuel prices. Joe Biden is expected to deliver remarks today.
The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four US sources said on Wednesday, as the White House tries to lower fuel prices.
The move would mark the third time the United States has tapped its strategic reserves in the past six months, and would be the largest release in the near 50-year history of the SPR.
So far, the releases have not managed to lower prices as world demand has nearly reached pre-pandemic levels while supply has tightened globally.
President Joe Biden will deliver remarks on Thursday on his administration’s actions, the White House said.
The White House said Biden would deliver remarks at 1.30pm on “his administration’s actions to reduce the impact of Putin’s price hike on energy prices and lower gas prices at the pump for American families”. It did not give additional details.
High gasoline prices are a political liability for Biden and his Democratic Party as they seek to retain control of Congress in November elections.
The Biden administration is considering temporarily removing restrictions on summer sales of higher-ethanol gasoline blends as a way to lower fuel costs for US consumers, three sources familiar with the matter told Reuters.
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Adding more ethanol to gasoline blends could potentially reduce prices at US gas pumps because ethanol, which is made from corn, is currently cheaper than straight gasoline.
Read more here.