Report: Biden administration to release1 million barrels of oil per day from strategic reserve

President Joe Biden’s government may release up to 180 million barrels of oil in total, quoting people familiar with the situation. It’s possible that an official announcement will be made as soon as Thursday.

Bloomberg reported that the Biden administration is planning to release approximately 1 million barrels of oil per day from its reserves over several months to curb inflation.

According to Bloomberg, the US is also requesting that the International Energy Agency coordinate the release of oil reserves in other countries.

Oil futures sank as a result of the news, with Brent, the worldwide benchmark, and West Texas Intermediate, the US benchmark, both down around 4% at 9:17 p.m. EDT.

Inflation in the United States increased 7.9% year over year in February, the largest rate since January 1982. Oil prices have risen to 14-year highs globally.

According to the US Energy Information Administration, the US utilizes around 20 million barrels of petroleum every day. Gasoline, diesel fuel, and jet fuel are examples of petroleum products.

Since 2021, oil prices have been escalating. Demand has been outpacing output increases as pandemic restrictions have been eased and the global economy has improved, according to a January report from the US Energy Information Administration.

Since the United States and the United Kingdom have prohibited Russian imports, the price of oil has risen even further, despite the fact that neither country is a big user of Russian energy supplies. The European Union, which imports 40% of its natural gas and roughly 30% of its oil from Russia, is considering a ban as well.

As per International Energy Agency, Russia is the world’s third-largest oil producer, accounting for around 10% of global production.

The regular release of reserves would be a significant sum, narrowing the domestic production imbalance in comparison to February 2020, before the coronavirus triggered a sharp drop in oil output.

11 Responses

  1. This move does not a emergency make!!! Emergency is when there is NO WAY to produce or get needed oil/gas… This is NOT IT…. If the Democrat would stop playing the “bullies on the playground” and do the BEST FOR THE PEOPLE, we would not be LOSING our standing in the world as the place of FREEDOM… The democrats are tearing our Constitution, our REPUBLIC, to pieces. Our Fore Fathers are crying as they look upon what has happened to our great country….

  2. As Biden pushes us towards war with Russia, it’s an important idea to drain our oil reserves so that we can enjoy a quick defeat unlike that drawn out defeat in Afghanistan.

  3. Sorry for the U S A. Our country is DOOMED This corruption in our country needs to be put to sleep. Trump must come back soon.

  4. We should be pumping our own oil. Not wasting oil reserves, open our homeland oil fields and pipelines!!
    Not looking to other Dictators to buy our oil from!

  5. He will drain our reserves and we will be back worse than we are now. He is such a bozo. That man needs to be impeached ASAP. Where the hell are the Republicans?????

  6. Dumb, to gut the Strategic oil reserve. What does he do if their is a real emergency. Stop the bureaucratic red tape a nab d let the oil companies do what they do best. Just. Like when President Trump was in charge.

  7. Biden is doing this to weaken the military. The oil reserves are there for emergency time. Now is not a real emergency time. He needs to open
    the Keystone pipeline and allow more wells on public lands. More refineries are also needed. What we really need is an “AMERICA FIRST” president

  8. Why doesn’t Biden have the guts to continue our pipeline in the USA which Trump had in place and make the USA self sufficient. Therefore, we would not have to rely on or their countries?

  9. This wouldn’t even have to be considered if Biden hadn’t declared war on our fuel production system here on his first day in office. He closed the pipeline, which was plain stupid. Doesn’t he realize that the oil is currently be transported through pipes that are old and are eventually going to leak oil into the aquifer? The disaster that will bring is colossal considering how many rely on the aquifer for clean water. The Keystone pipeline was going to help replace those old pipelines. He cut back oil drilling, closed coal mines, and stopped fracking.
    Of course all of the eco nuts went wild over this. Ask them what they plan to do when all of the things they own that are made from petroleum by-products need to be replaced. The list includes their clothes, anything made of plastic, including anything plastic in their great electric cars. There is hardly anything out there that isn’t made using by-products of petroleum.

    Keep in mind that Biden wouldn’t even be thinking of doing this if his party wasn’t in dire danger of losing their control of Congress. People don’t let this fool you! He’s already made it very plain that he doesn’t care about the regular American. He looks down on us, and he has said it very plainly out of his own mouth.

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