Biden Admin to Release Millions of Barrels From Strategic Reserve to Combat Surging Gas Prices
CDN – https://www.conservativedailynews.com
by Harry Wilmerding -
The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.
U.S. crude oil prices soared to a seven-year high last week, with West Texas Intermediate crude oil prices surging over 13% on a year over year basis, according to Bloomberg. The nationwide average price of unleaded gasoline in the U.S., which has increased for 10 consecutive days, hit $3.34 a gallon on Wednesday, according to American Automobile Association (AAA) data.
Before Tuesday’s announcement, the DOE granted over 8 million barrels of strategic reserve oil as part of the exchange program, which offered contracts totaling 32 million barrels, Bloomberg reported. Those receiving the oil are reportedly expected to return the barrels between 2022 and 2024.
Meanwhile, the Biden Administration has sold 18.1 million barrels of SPR oil for delivery between February and March, according to Bloomberg.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]
Biden Admin to Release Millions of Barrels From Strategic Reserve to Combat Surging Gas Prices is posted on Conservative Daily News – Where Americans go for news, current events and commentary they can trust – Conservative News Website for U.S. News, Political Cartoons and more.
CDN – https://www.conservativedailynews.com
Source: https://www.conservativedailynews.com/2022/01/biden-admin-to-release-millions-of-barrels-from-strategic-reserve-to-combat-surging-gas-prices/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
They will not stop until America lays bare naked and defenseless… Can’t the American people see what they are doing…? Wars are fought with resources…. Get it?
That stupid commie tactic won’t work. That’s a typical democrat response another failed policy. Easing regulation and opening pipelines two things that do work ( remember the Trump days or was that too long ago) never even crossed their minds. Economic ignoramus is a term that come to mind
WAKE UP PEOPLE! THIS MAN IS A CHINESE SPY. The Chinese intelligence service has paid the Biden crime family over $31 MILLION over the years. As president he is STILL on the payroll through Hunter Biden. So it is only logical that he would want to weaken our strategic reserves before a war with his masters. Remember, Trump had totally filled the strategic reserves. The previous administration had also depleted them…