What Happened? Biden Announces Release Of 50 Million Barrels Of Oil From Strategic Petroleum Reserve

What Happened? Biden Announces Release Of 50 Million Barrels Of Oil From Strategic Petroleum Reserve

A year ago the United States Of America was energy independent and an exporter of oil and natural gas.

The price of raw crude had plummeted prior to a small rebound leading smaller operators to stop drilling as they were losing money per barrel.

The was so much stored that oil companies at one point sold the oil at a loss because the cost of storing it was unsustainable.  As a result, gas prices had dropped and settled below $2 per gallon in most of the U.S. which acted as a tax break for everyone who paid a gas bill or filled up a gas tank.

After a year in office, the Biden energy plan has flipped all of this on its proverbial head.

With the closing of pipelines, including stopping the development of the XL Keystone, energy prices have skyrocketed, especially gasoline which had doubled or more in some areas of the nation.

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President Joe Biden announced the release of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) on Tuesday as high gas prices continue to affect Americans across the country.

Former President Trump just responded to the announcement

 

The U.S. Department of Energy has a two-pronged plan for the release, with 32 million barrels being part of an exchange over the course of several months, according to the White House. Eighteen million more barrels “will be an acceleration into the next several months of a sale of oil that Congress had previously authorized,” according to the administration.

The SPR is a supply of oil kept for emergencies and hasn’t yet been used to help with oil prices, according to a CNBC report. While tapping into the SPR could help with prices for the short-term, its long-term results may be less effective, the report added.

“This is the first time we have done something like this in parallel with other major energy-consuming nations,” one senior administration official said, noting that the release is being taken in parallel with China, India, Japan, the Republic of Korea, and the U.K.

On the bright side, Joe will not be around for much longer but the massive amount of natural resources in the ground will still be there for accessing when we return a reasonable energy program during the upcoming second Trump term.

Written By: Eric Thompson, host of the Eric Thompson Show. Follow me on MAGABOOKTwellit & Twitter.