According to Reuters, more than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month.
We don’t have much in the way reserves and this isn’t what politicians should be doing.
This took place even as U.S. gasoline and diesel prices touched record highs.
The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden designed to lower record pump prices.
Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos. Biden is pretending the oil and gas companies are gouging when the problems are his policies.
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.
This isn’t what it’s supposed to be used for! They are for EMERGENCIES like wartime.
U.S. crude futures are above $105 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation, AAA reports. U.S. officials have said oil prices could be higher if the SPR had not been tapped.
In other words, Biden hasn’t done one damn thing to lower prices that is meaningful.