Now we're learning that some of that oil that was supposed to (marginally) benefit the American consumer has been going overseas. According to The Federalist:
More than 5 million barrels of oil from President Joe Bidenās āunprecedentedā release from the nationās emergency petroleum reserves were shipped overseas last month as domestic energy prices reached record highs.
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. āThe [Strategic Petroleum Reserve] remains a critical energy security tool to address global crude oil supply disruptions,ā 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.
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. āThe [Strategic Petroleum Reserve] remains a critical energy security tool to address global crude oil supply disruptions,ā 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.
The SPR has since shrunk to its smallest since 1987 on Biden's watch, and the American consumer hasn't seen any relief at the pump.
By the end of Biden's six-month release from the reserve that was announced in March, he'll have tapped 260 million barrels. The Department of Energy announced plans in May to replenish only 60 million barrells of what's been released.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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