Why U.S. Petroleum Reserve Oil Went Overseas

RealClearPolitics ^ | July 08, 2022 | Philip Wegmann

[artichokegrower]

President Biden made sure to emphasize that the action he was about to take was extraordinary.

In late March, as the price of gasoline spiked, his administration threw open the spigot of the National Strategic Petroleum Reserve and began releasing a million barrels a day to, in the president’s telling, “provide a historic amount of supply” until domestic production could ramp back up.

[artichokegrower]

That news seemed to catch White House press secretary Karine Jean-Pierre off-guard Tuesday. “I have not seen that report,” she replied when RealClearPolitics asked about the Reuters story, “so I would honestly have to go look into it and see what the truth is in that statement that you just laid out and see exactly what’s happening.”

Dumber than a box of rocks

[Don Corleone]

Communist countries around the world cashing in on their substantial bribes to the Biden crimes family.

[Shady]

That oil was STOLEN from Americans and sold at a profit with those funds laundered back to the Jihad Junta, including that Uber-Louse Hunter Biden. Articles of impeachment should have been introduced on the floor of the House of Representatives at 8:00 AM this morning, but they won’t be. This is treason.

[Bob434]

Biden suppsoeldy,just did something to “help decrease the price of gas” and we dropped a whopping 4 cents. Gee. Thanks Biden. Now I can afford that penny candy I’ve had my eye on.

[allendale]

Its what the vile Biden cabal does. All day long they dream up schemes to hurt the American nation and its people. Most of the harm they do is with rules and regulations . This one will generate some internal criticism. It was too obvious and brought bad publicity to the cabal.

[griswold3]

Never been fed so much Word Salad from an Administration ever. Karine and Kamala must be blood.

[ridesthemiles]

TREASON, IMO.

[Erik Latranyi]

Biden is doing everything he can to build up China before they invade Taiwan.

He is dropping tariffs on Chinese goods.
He is not prosecuting Chinese intellectual property thefts as vigorously.
He is letting China stockpile oil so they will not be affected by sanctions after they invade Taiwan.

Japan is in turmoil
Australia is in turmoil
The US military is hopeless

China is going to invade soon

[1Old Pro]

Leave it to Brandon to not only do the wrong thing, but to make a mess of doing the wrong thing making it worse.

[AZJeep]

Apparently, there is not enough refining capacity in the USA.
Thanks to green policies which stopped building and remodeling them.
But Biden advisors, probably bunch of 25 years old college graduates??? are trying to do something.
Thant means exporting our precious reserves abroad, hoping that will lower the world gas prices.
Stupid and futile.
Like everything the administration does.

[Gaffer]

Because the government put some administration crony in as an middle man to ‘broker’ the sale and he/she/they/it went for top dollar. It happens every time.

It’s how government bureaucrats get rich off taxpayer dollars.

[windsorknot]

Impeachment? Dream on.

[MHGinTN]

Evil ... he lies and too many swallow the lies. Take a view from ten thousand feet and the agenda of crushing the petroleum industry glares at you. These demon rats are hellbent to destroy America ... and us.

[cymbeline]

“That oil was STOLEN from Americans”

Given that oil is a commodity traded on the global market, let’s wonder where the oil went when it was pumped out of the reserve.

It could have gone to domestic consumers or refineries.

Let’s say it did.

That would allow other domestic oil to be sold into the global market, and that oil’s asking price would be lower since the domestic supply increased.

So did or didn’t the reserve oil go into the world market?

[CMailBag]

And Trump refilled the reserve when the price was very low. Trump has not gotten any thanks yet..

[Georgia Girl 2]

If Joe doesn’t sell it over seas he can’t get the big guy’s 10%.

[Deplorable American1776]

Why? Maybe sold a painting my 7 year could do better to a dictator for $10 million. And my 7 year old wouldn’t be high...🤓

[JimRed]

Biden’s found a way to enrich one or more of his family businesses.

[clearcarbon]

"And Trump refilled the reserve when the price was very low. Trump has not gotten any thanks yet..

So who is comrade biden giving 90% of the sale's profits to?

[daniel1212]

As if the reason for high prices was not due to lack of crude:

The data shows that there were 4,082,478,000 barrels of crude oil produced in 2021, an amount that is greater than any time in American history, except 2020 and the peak in 2019. 

• 2017: 3,415,257,000 Barrels of Crude Oil
• 2018: 3,993,288,000 Barrels of Crude Oil
• 2019: 4,485,635,000 Barrels of Crude Oil
• 2020: 4,129,563,000 Barrels of Crude Oil
• 2021: 4,082,478,000 Barrels of Crude Oil (https://www.wusa9.com/article/news/verify/united-states-produces-more-oil-than-any-other-country-fact-check-russia-impact-on-gas-prices/65-7814c6e2-5437-4201-b021-face477e5462)

  Despite this drop from 2019's peak, the levels of production in 2021 were unmatched globally. 

"The United States is the number one oil producer in the world," Weiner said. "We produce more oil and gas than any other country in the world." 

This was confirmed by the Energy Information Administration. The EIA listed the U.S. as the top producer, with 18.61 million barrels per day, equivalent to 20% of the world supply. 

Credit: Energy Information Administration

There was a similar trend, when considering petroleum products as well. In 2021, the U.S. produced 6,052,509,000 barrels of crude oil and petroleum products, which was only surpassed in 2019. 

• 2017: 4,795,959,000 barrels of crude oil + petroleum products
• 2018: 5,588,101,000 barrels of crude oil + petroleum products  
• 2019: 6,246,598,000 barrels of crude oil + petroleum products 
• 2020: 6,023,457,000 barrels of crude oil + petroleum products  
• 2021: 6,052,509,000 barrels of crude oil + petroleum products 

(https://www.wusa9.com/article/news/verify/united-states-produces-more-oil-than-any-other-country-fact-check-russia-impact-on-gas-prices/65-7814c6e2-5437-4201-b021-face477e5462)

- https://tradingeconomics.com/united-states/oil-exports

HOWEVER:

US refining capacity falls to lowest mark in 8 years amid record prices.. The nation's capacity to refine crude oil into fuel and other products fell below 18 million b/d at the beginning of 2022 and hit its lowest level since 2014, according to the federal government's annual refinery capacity report released June 21.... The 2022 projection is the lowest since 17.92 million b/d in 2014, the EIA said. (https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/062122-us-refining-capacity-falls-to-lowest-mark-in-8-years-amid-record-prices-eia)

US Gulf Coast crude oil exports to touch record high this quarter...Exports to Europe are expected to average about 1.4 million (bpd) this quarter, about 30% higher than the year-ago quarter,Tight U.S. refining capacity also boosted exports, Rystad Energy analysts noted. The United States has lost nearly 1 million bpd of refining capacity since 2020..."The 1.53 million bpd of U.S. crude exports to Europe recorded in April is the second-highest reading on record," said Viktor Katona, co-head of crude analysis at Kpler. (https://www.reuters.com/business/energy/us-gulf-coast-crude-oil-exports-touch-record-high-this-quarter-2022-06-27/)