Joe Biden Exports U.S. Oil Reserves While Citizens Face Historical Gas Prices

Last month, upwards of five million barrels of crude oil from Biden’s “unparalleled” discharge of the nation’s crisis petroleum reserves were exported.

This happened as energy prices in the United States attained historical highs and inflation soared. 

As per Reuters, the gas was shipped to Asia and Europe. American buyers, meanwhile, endured average prices of $5 per gallon for regular gasoline and $5.81 per gallon for diesel. 

Crucial Tool

An Energy Department spokesperson told Reuters in a statement: “The Strategic Petroleum Stockpile is a crucial energy policy tool for addressing disruptions in the global oil supply.” 

In addition according to them, deliveries to the Netherlands, India, and China helped stabilize the supply of oil. Later in the month, another vessel is expected to transport American oil reserves overseas. 

On the last day of March, President Biden instructed that one million barrels of crude oil be cleared from the nation’s relief reserves for 180 days.

That would correspond tactically with the November midterm elections, as the president faces political repercussions for designing high power prices. 

The Democrats, with razor-thin pluralities in both chambers, are now preparing for a hostile election period, given the president’s party has traditionally struggled with massive losses in the first midterms. 

The recent update by President Biden marked the third or fourth time the White House has instructed oil to be extracted from strategic reserves.

In his March State of the Union address, President Biden declared the release of 30 million barrels of American crude in coordination with other nations.

This ended up pressing their stockpiles to bring a final tally of 60 million barrels onto the market in response to Russia’s invasion of Ukraine. 

Since then, western allies, such as the United States, imposed economic sanctions on Russia, the world’s third-largest oil producer, which provides 11% of the world’s oil and gas. 

In the fall of 2021, the president decided to release 50 million barrels of oil from the nation’s crisis stockpiles to artificially repress rising gas prices, prior to Thanksgiving. 

260 Million Barrels!

Per the Energy Agency, Biden’s reserve reductions have had minimal impact on reducing high gas prices in a country that consumes approximately 20 million barrels daily.

In actuality, each shipment has been accompanied by sharp hikes in pump prices. 

Within two years of Biden’s presidency, the White House will have depleted 260 million barrels from the emergency reserves, bringing the stockpile to its lowest point since 1986.

Notwithstanding an approved storage space of 714 million barrels, the Energy Department declared in May that it would only replenish 60 million barrels of what had been released. 

In the meantime, the Biden presidency is intensifying its fossil fuel industry-targeting energy policies. The Department of the Interior halted new offshore rig work in Alaska and the Gulf of Mexico on Friday, two months after canceling leases in each region. 

Last week, Brian Deese, who is in charge of Biden’s National Economic Council, said the administration’s refusal to open up oil production in the U.S. is likely to strengthen the “liberal global order.”