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 ...
Joe is not doing this to keep oil prices down. It was in the Infrastructure bill to sell off all of the reserves to fund the bill. Plus, it just helps to screw America more. Remember the 1970’s oil problems with Jimmy Carter? I do. That is when and why America created the oil reserves.
Just throw in the brimstone to top it off ;^)
50 Million barrells = 3 days of supply.
Yea... THAT’s really gonna help!
What did the captain of the Titanic say?
A Brandon ship😃
Haha. That’s a good one.
I believe our government (Canada) are considering talks as the 1 of 2 refineries in British Columbia is now in shut down due to flooding. This is because the Trans mountain pipeline is shut down.
50,000,000 barrels is about 2.5 days worth of our national consumption.
BFD.
Sour crude is commonly blended with a sweet crude to hit the optimum crude oil properties a given refinery runs most efficient at. The blend ratio is also varied to achieve the most economic mix of refined products at the backend.
It should be impossible for anyone to be as stupid as Resident Biden is.
Saudi Arabia and Russia are considering pausing efforts to
provide the world with more crude, after Washington and other
countries said they would release a slug of stored oil in an
effort to lower prices. WSJ
We are officially living in Bizarroland and Mister Mxyzptlk is in charge.
Thanks. Good point. Central planning always loses.
His handlers are evil
What percentage of the Strategic Petroleum Reserve do the 50 million barrels represent?
I just saw John Di Leo’s column—he says that at any given time about 650 million barrels are in the Strategic Petroleum Reserve, so Biden just released about 1/13th of it.
Print trillions of dollars to cover up and temporarily fix the economic situation.
Oh, we have inflation? Housing prices skyrocketing? Sell oil from the National Reserve.
(So much for climate change and all that, guess that was all just lip service from Biden)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.