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Politics

Joe Biden has allowed FIVE MILLION barrels of oil from US - national supply to be shipped abroad

Posted: Jul 6th, 2022 - 9:53 am

after claiming they'd be released to help lower soaring gas prices

oe Biden has shipped five million barrels from the United States' Strategic Oil Reserve abroad, after claiming that releasing them would help ease Americans' pain at the pumps.

The president faces accusations of a sneaky sleight of hand as it was revealed that between a fifth and a sixth of the reserve oil he bragged about releasing to boost supply made its way offshore to Europe and Asia in June.

Biden authorized the release of a million barrels a day from April onwards. But his action has done little to combat soaring gas prices, with the national average sitting at $4.74 as of Tuesday - still far above the $2.28-a-gallon average from just before he took office.

Biden's announcement about releasing the oil barrels was made in April, and saw him say: 'These releases will put more than one million barrels per day on the market over the next six months, and will help address supply disruptions caused by Putin's further invasion of Ukraine and the Price Hike that Americans are facing at the pump.'

But it has had little effect, with a closer look at the press release revealing that the oil released from the strategic reserve was always destined for the highest bidder - even if they were overseas.

That is due to strict international rules dictating the sale and supply of oil - although a regular American who listened to Biden's proclamation in passing would likely have believed that the increase in supply would have been destined for domestic refineries, to lower US prices.

'Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was assumed,' said Matt Smith, lead oil analyst at Kpler.

(Excerpt) Read more at dailymail.co.uk ...



LINK/URL: Joe Biden has allowed FIVE MILLION barrels of oil from US

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