Millions of Barrels of Oil from Strategic Reserve Sold to Foreign Nations as Americans Suffer Record Gas Prices
The oil, which was ordered to be released throughout the year from the Strategic Petroleum Reserve by President Joe Biden, was meant to relieve the pressure on pump prices. Instead, it sold to foreign nations including China, according to a report from Reuters.
Biden ordered the release of 30 million barrels on March 1st, another 180 million barrels on March 31st, and one million barrels per day through October, according to the report.
As a result, the Strategic Petroleum Reserve has fallen to its lowest level since 1986 and crude inventories are at their lowest level since 2004.
“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,” Biden said in April, once again blaming his favorite scapegoat.
Despite his assurances, Reuters reports that millions of those barrels have been sold to China and other nations.
Citing an industry source, it reported that cargoes of crude have been shipped to the Netherlands, India, and China.
Ranking member of the House Energy and Commerce Committee Cathy McMorris Rodgers and Energy Subcommittee Republican leader Fred Upton demanded answers from the Biden administration on China’s purchases, saying it gives the rival country a clear geopolitical advantage.
“As a result, China may now control the world’s largest stockpile of oil, with total crude inventories estimated at 950 million barrels,” their letter said.