The US Strategic Petroleum Reserve is supposed to be used in emergencies, like after Hurricane Katrina or during Desert Storm in 1991. But Joe Biden thought he’d use the emergency cache of oil to try and reduce oil prices in America (which hasn’t happened). Not only has Biden depleted the Strategic Petroleum Reserve for political purposes only, he’s even selling it off to our enemies like China! He’s also selling it to Russia and Europe.
China and India already got enough cheap oil from Russia, yet Biden is still depleting our supply.
This should be an impeachable offense!
The Biden administration exported more than 5 million barrels of oil from its emergency reserves that were released in order to combat sky-high gas prices here at home, according to a report.
The US sent the oil, which was taken from the Strategic Petroleum Reserve (SPR) that the Biden administration tapped into in hopes of getting mounting energy prices under control, to Asia and Europe, Reuters is reporting.
The release of around 1 million barrels a day from the SPR through October has had a minimal effect in decreasing the price of oil. At the same time, it has depleted the reserves to their lowest level since 1986.
Brent crude futures were slightly higher on Wednesday, rising more than 1.3% to around $104 per barrel while US West Texas Intermediate rose 0.65% to eclipse $100 per barrel.
Fears of a recession pushed oil prices downward in recent weeks, but Americans were still feeling the pain at the pump.