Article

2022-07-06 Economy

Biden Selling Strategic Reserve Oil Overseas

See also here.

[Townhall] As a result of his domestic war on the oil and gas industry, energy prices for American families continue to hit records with no relief in sight.

For months, President Joe Biden has repeatedly tapped the Strategic Petroleum Reserve and claimed it was helping to ease the pain at the pump. Not only has the depletion of the emergency supply not decreased gas prices, we're learning the supply is being sold to foreign countries.

"More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices touched record highs," Reuters reports. "The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden designed to lower record pump prices."

Posted by NoMoreBS 2022-07-06 11:45|| || Front Page|| [11141 views ] Top

#1 it gets worse, as this article points out that the Chinese are buying it and using it to fill THEIR strategic reserves.

"he American Energy Alliance points out that it's actually worse than it looks -- China isn't even using the oil -- it's stockpiling it for its own strategic petroleum reserves, meaning, the U.S. oil taken off the market is not helping to lower the price of crude even on a worldwide basis.

China has also refused to play Biden’s game. Biden thought he had coordinated a global effort to release more than 1 million barrels per day of strategic oil reserves in order to reduce gasoline and diesel prices since he expected those reserves to be refined and sold to consumers. However, for every barrel of reserve the President has sold, China has taken a barrel off the global market, adding it to Chinese stockpiles. China’s stockpiling eliminated any benefit to U.S. consumers from the SPR release, instead reducing U.S. energy security while strengthening China’s energy security"

American Thinker link

Posted by NoMoreBS 2022-07-06 15:27|| 2022-07-06 15:27|| Front Page Top

#2 ^^^---- Working as Designed. You can bet Biden's handlers knew this would happen.

Posted by CrazyFool 2022-07-06 16:42|| 2022-07-06 16:42|| Front Page Top

#3 And if a war or national emergency comes, we can do nothing.

Posted by Besoeker 2022-07-06 16:51|| 2022-07-06 16:51|| Front Page Top

#4 The usual 10% for the "Big Guy?"

Posted by JohnQC 2022-07-06 18:30|| 2022-07-06 18:30|| Front Page Top

#5 I hear no talk of restocking anything. Oil or military equipment of all sorts.In USA Americans be damned. Everything liberals touch is ruined.

Posted by Dale 2022-07-06 18:32|| 2022-07-06 18:32|| Front Page Top

#6 Everything ~~liberals~~ commies touch is killed or ruined.

Posted by JohnQC 2022-07-06 20:39|| 2022-07-06 20:39|| Front Page Top

#7 The greenies love this.

Posted by Cletle Shinese1880 2022-07-06 22:35|| 2022-07-06 22:35|| Front Page Top

#8 Also, Biden reducing tariffs on Chinas cheap imports will destroy what is left of American manufacturing.

Posted by Cletle Shinese1880 2022-07-06 23:27|| 2022-07-06 23:27|| Front Page Top

#9 ^^--- Again, as designed.

Posted by CrazyFool 2022-07-06 23:47|| 2022-07-06 23:47|| Front Page Top

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