Hal Turner / Hal Turner Radio Show

More than 5 million barrels of oil that were part of a 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.

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. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos.

About 1 million barrels per day is being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986.

U.S. crude futures are above $105 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation https://gasprices.aaa.com/. U.S. officials have said oil prices could be higher if the SPR had not been tapped.

The fourth-largest U.S. oil refiner, Phillips 66, shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy, according to U.S. Customs data. Trieste is home to a pipeline that sends oil to refineries in central Europe.

Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each, the data showed.

Phillips 66 declined to comment on trading activity. ATMI did not respond to a request for comment.

Cargoes of SPR crude were also headed to the Netherlands and to a Reliance refinery in India, an industry source said. A third cargo headed to China, another source said — even though China is buying oil directly from Russia and ignoring US Sanctions upon Russia!

At least one cargo of crude from the West Hackberry SPR site in Louisiana was set to be exported in July, a shipping source added.

“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.

The latest exports follow three vessels that carried SPR crude to Europe in April helping replace Russian crude supplies.

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Morgan talks about the deflationary nature of all these CV19 injections

HAL TURNER EDITORIAL OPINION

The United States of America is being intentionally weakened and drained of resources vital to our survival and to our national security.  

Almost one-third of our military weaponry/ ammunition, and armor, has been exported to either Europe (for NATO) or donated to Ukraine.

Now we find that OUR emergency oil reserves are not being used here in the USA, but instead, being shipped OUT OF THE COUNTRY.

If the U.S. is attacked or, God forbid, invaded, we won’t have enough weapons or ammunition, and now, we won’t even have enough of OUR OWN OIL!

This is an intentional weakening of the nation; perhaps to make us ripe for takeover.

Remember who the people are in charge, who are doing these things, so they can be held personally accountable.

https://halturnerradioshow.com/index.php/en/news-page/world/u-s-strategic-petroleum-reserve-being-exported-we-are-being-sold-out

The US Continues To Export Record Levels of Oil Reserves Despite Record High Gas Prices

By Michael Robison / The Gateway Pundit

The historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices led to more than 5 million barrels of oil being exported to Europe and Asia last month, despite record-high gas and diesel prices.

The news of the export to other nations was reported by Reuters a week ago and raised concern over the continued mismanagement of resources by the Biden Administration. 

Oil exports from the U.S to reach an all-time high of 3.3m b/d in the current quarter as refinery disruptions and Strategic Petroleum Reserve releases increase available supplies, Rystad Energy says.

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Oil exports from USA to reach all-time high of 3.3m b/d in the current quarter as refinery disruptions and Strategic Petroleum Reserve releases increase available supplies, Rystad Energy says.

all that SPR oil going to China …..

great job @JoeBiden & @TheDemocrats

— GardinerIslandCapital (@GardinerIsland) June 27, 2022

The export of crude and fuel hinders the impact of the moves by Biden, who claimed the release of the strategic reserves would lead to lower prices at the pump. U.S. crude inventories are now at the lowest since 2004. Refineries in the U.S. Gulf coast were at 97.9% utilization before the release of the reserves.

Biden continues to grasp at straws to deflect blame for the rising fuel costs. On Saturday, he called for gas stations to cut their prices, drawing criticism from Amazon founder Jeff Bezos.

Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk

About 1 million barrels are being released from the Strategic Petroleum Reserve (SPR) daily. The release is expected to continue through October. 

In June, The SPR fell to the lowest since 1986. 

Complete article here: https://www.thegatewaypundit.com/2022/07/us-continues-export-record-levels-oil-reserves-despite-record-high-gas-prices/

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