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Oil reserves released by Biden expected to primarily go to China, India
FOX Business ^ | 11/24/2021 | Caitlin McFall

Posted on 11/24/2021 7:58:15 AM PST by george76

U.S. taps 50 million barrels of oil from reserves in an attempt to tamper spiking costs at the gas pump..

resident 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..

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

...

U.S.-produced sour crude oil appeals to foreign buyers because of its relatively affordable price tag

...

OPEC+, led by nations like Saudi Arabia and Russia, refused to increase production to meet rising demands.

Gas shortages have led to rising inflation and gas prices at the pump not seen in seven years.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: asia; bidenspr; china; energy; gas; gulfofmexico; india; korea; oil; republicofkorea; sor; southkorea; spr; treason
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To: george76

Meaningless, oil is fungible.


21 posted on 11/24/2021 8:18:13 AM PST by SaxxonWoods (Elvis is dead and Joe Biden doesn't feel so good himself.)
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22 posted on 11/24/2021 8:22:03 AM PST by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: george76

They made a mistake when they lifted the export restrictions on oil.


23 posted on 11/24/2021 8:22:11 AM PST by DannyTN
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
Saudi Arabia, Russia consider pausing planned oil production increases
China is certainly "preparing for something", says ‘China Rising’ host Peter Stefanovic | Sky News Australia
China is certainly

24 posted on 11/24/2021 8:27:30 AM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: EinNYC

Hanging is too humane. I suggest burning alive.

It’s okay, I already know I’m on several “lists”. Don’t really care...


25 posted on 11/24/2021 8:28:54 AM PST by diplomatic_immunity
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To: george76

Don’t forget the Big Guy’s cut.


26 posted on 11/24/2021 8:31:06 AM PST by Huskrrrr (Alinsky, you magnificent Bastard, I read your book!)
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To: george76

If a single drop of our strategic reserves goes to China, Biden then needs to be drummed out of office along with his cackle harpie, Kamala.


27 posted on 11/24/2021 8:33:10 AM PST by BuffaloJack (Socialism always ends in concentration camps and murder.)
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To: elpadre

Since when did XiDen et all care ONE WHIT about the American consumer?


28 posted on 11/24/2021 8:35:32 AM PST by milagro (There is no peace in appeasement! There)
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To: Huskrrrr
Don’t forget the Big Guy’s cut.

We don't have to worry - I'm sure thugs at the FBI are protecting 'Brandon' and his whore-monger drug-addicted son AND their 'take'... ( to think those FBI sh*ts went after Don Jr. and Eric... when they give a pass to 'the big guy'... they're so disgusting...)

29 posted on 11/24/2021 8:37:04 AM PST by GOPJ (One man lying to himself is pathetic - - a culture lying to itself seeds it's own destruction.)
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To: SaxxonWoods

It is fungible. From purely logistics this would make no sense. This is not a high grade oil which is the reason. Hopefully it gets replaced with a better grade.


30 posted on 11/24/2021 8:39:02 AM PST by Mouton (The enemy of the people is the media )
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To: al baby

Refinery capacity is too tight.


31 posted on 11/24/2021 8:40:08 AM PST by mewzilla (Those aren't masks. They're muzzles. )
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To: DannyTN

It wasn’t a mistake.


32 posted on 11/24/2021 8:40:44 AM PST by mewzilla (Those aren't masks. They're muzzles. )
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To: george76


33 posted on 11/24/2021 8:41:47 AM PST by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: george76

Happy Thanksgiving!!

If it weren't for the stupid Americans, my beloved PLA would have to ration its fuel consumption.

34 posted on 11/24/2021 8:45:02 AM PST by PIF (They came for me and mine ... now its your turn)
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To: BuffaloJack

Where have you been, millions of barrels of oil have Already gone to Asia. Look it up.


35 posted on 11/24/2021 8:46:22 AM PST by midwest_hiker
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To: Mouton

This is not a high grade oil which is the reason. Hopefully it gets replaced with a better grade.


Last I heard, US refineries, by and large, are not set up to refine sweet crude. Heavy only. Could be wrong, things may have changed


36 posted on 11/24/2021 8:46:58 AM PST by PIF (They came for me and mine ... now its your turn)
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To: mvonfr

Hunter will probably get at least 10%!!


37 posted on 11/24/2021 8:59:41 AM PST by CMailBag
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To: elpadre
Petroleum of equal grade, like money, is essentially fungible. Biden is releasing these few barrels into the world consumption market whether he likes it or not or whether he wants to tell us that or not and therefore its impact for diminishing the price of oil worldwide is greatly diminished.


38 posted on 11/24/2021 9:02:29 AM PST by nathanbedford
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To: DIRTYSECRET

“It’s a world market so it probably doesn’t matter. Doesn’t look good though. The rats would be first to point out anything that looks funny to the gullible.”

Exactly right. If a Republican was President and did this the dems would be making a big deal of how it is just a political stunt etc.


39 posted on 11/24/2021 9:05:16 AM PST by plain talk
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To: george76

How patriotic.

https://www.youtube.com/watch?v=PPExpmtdMEw


40 posted on 11/24/2021 9:14:55 AM PST by Eleutheria5 (Buck Foe Jiden!)
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