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When things are bad, it’s Putin’s fault. “I have been doing everything in my power to reduce gas prices since Putin’s invasion of Ukraine caused prices to spike,” Biden said. ....snip..... Biden also absurdly claimed he will be refilling the oil reserve at $70 a barrel to make money. “By selling from the [oil reserve] at the higher price of $90 earlier this year and then re-filling it in the future at a lower price around $70 will actually make money,” said Biden. Just two years ago the Democrats blocked President Trump from filling the Strategic Oil Reserves at $24...

What the energy secretary doesn't know about energy would fill a Strategic Petroleum Reserve. Reassuring worried Americans that there will be enough oil for the Thanksgiving holidays, yesterday President Joseph Biden (D) informed a concerned citizenry of plans to release 50,000,000 barrels of oil from the emergency Strategic Petroleum Reserve in an effort to bring down high gas prices. Wow! Fifty million barrels of oil! That's a lot of oil isn't it, Department of Energy Secretary Jennifer Granholm? That should take care of America's energy needs for quite a while right? "How many barrels of oil does the U.S. consume...

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...

The federal government will pull oil from the country’s emergency stockpile in an effort to bring down stubbornly high fuel prices, the White House said Tuesday. Over the next several months, the U.S. Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, where it’s currently storing just over 600 million barrels in four underground caverns. In total, the release would amount to about two-and-a-half days of U.S. oil consumption: Before the COVID-19 pandemic curtailed both demand and production, the U.S. consumed roughly 20.5 million barrels of oil per day. In recent months, Biden has...

The United States Oil ETF (NYSE: USO) traded higher by 2.4% on Tuesday after President Joe Biden announced he will be releasing oil from U.S. strategic reserves in an attempt to lower global gasoline prices. What Happened? The White House said Tuesday the U.S. will release 50 million barrels of crude oil from its Strategic Petroleum Reserve. The decision is part of a coordinated effort with China, Japan and other energy consuming nations to combat a rapid rise in energy prices. U.S. gasoline prices are currently near seven-year highs. Why It’s Important: The coordinated oil release includes U.S., India, China,...

The White House announced Tuesday morning President Joe Biden plans to tap the strategic oil reserve as gas prices across the country continue to surge. "Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply," the White House released in a statement. "The U.S. Department of Energy will make available releases of 50 million barrels from the Strategic Petroleum Reserve in two ways: 32 million barrels will be an...

Lawmakers are pushing legislation that could result in the selling off of 266 million barrels of oil from the country’s Strategic Petroleum Reserve (SPR) over the next decade, mostly to fund more government spending. Legislation for health care, highway funding and financing the government could end up drawing on down on oil supplies meant for emergency situations. If all three bills are signed into law, some 266 million barrels, or nearly 40 percent, of the current 695 million barrel SPR would be sold off in the next decade to raise about $23 billion. “The 114th Congress has introduced three separate...

(Reuters) - A third day of gasoline "panic buying" among storm-stricken motorists in the New York area and New Jersey prompted authorities to tap emergency oil reserves and ordered the military to dispatch fuel on Friday, while limited deliveries from pipelines and oil barges offered a glimmer of relief. Four days before the U.S. presidential election, the Obama administration made an all-out effort to ease the crisis, authorizing the Defense Logistics Agency to buy and deliver up to 22 million gallons of fuel for the region, waiving a rule barring foreign-flagged vessels transiting U.S. ports and loaning out diesel from...

BEGIN TRANSCRIPT RUSH: Obama has just announced that the United States and Britain are going to release oil from their Strategic Reserves. I didn't even know that Cameron was up for reelection. I did not know that he was up for reelection. That's why Obama's doing this. This is going to have absolutely no impact whatsoever. It is a purely political move from the guy who says, "We can't drill. We can't drill fast enough, can't drill soon enough." What does that mean? If we can't drill what it means is putting more oil on the market isn't gonna matter...