{"id":1048454,"date":"2021-11-23T13:43:32","date_gmt":"2021-11-23T18:43:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1048454"},"modified":"2021-11-23T13:43:38","modified_gmt":"2021-11-23T18:43:38","slug":"oil-prices-rise-after-biden-announces-emergency-action","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-rise-after-biden-announces-emergency-action\/","title":{"rendered":"Oil Prices Rise After Biden Announces Emergency Action"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-prices-rise-after-biden-announces-emergency-action%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1048454&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Domestic and international oil price indices rose Tuesday, even after President Joe Biden and other world leaders coordinated a release of emergency reserves.<\/p>\n<p>The West Texas Intermediate (WTI) crude oil index, which measures U.S. prices, <a href=\"https:\/\/markets.businessinsider.com\/commodities\/oil-price?type=wti\">increased<\/a> more than 2% to $78.44 per barrel while the European Brent Crude index <a href=\"https:\/\/markets.businessinsider.com\/commodities\/oil-price\">ticked up<\/a> nearly 3%, hitting $82 per barrel. But, in an effort to knock down high gasoline prices, which are tied to the cost of oil, Biden joined several nations, including China, Japan and the U.K., in releasing tens of millions of barrels of oil from emergency reserves.<\/p>\n<p>The White House said the U.S. would withdraw 50 million barrels from its Strategic Petroleum Reserve (SPR), established in the 1970s for future energy crises and <a href=\"https:\/\/www.spr.doe.gov\/dir\/dir.html\">currently<\/a>&nbsp;holding about 604 million barrels in inventory. The U.S. <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=33&amp;t=6#:~:text=In%202020%2C%20the%20United%20States,6.66%20billion%20barrels%20of%20petroleum.\" target=\"_blank\" rel=\"noopener noreferrer\">consumes<\/a> 18-19 million barrels of oil per day, and the world consumes nearly 100 million total barrels per day, <a href=\"https:\/\/www.iea.org\/reports\/oil-2021\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the International Energy Agency.<\/p>\n<p>\u201cJoe Biden is going to release 50 million barrels of oil from the Strategic Petroleum Reserve. That is less than three days of U.S. oil consumption,\u201d Steve Milloy, a former member of the Trump transition team, <a href=\"https:\/\/twitter.com\/JunkScience\/status\/1463141572363575300\" target=\"_blank\" rel=\"noopener noreferrer\">tweeted<\/a>. \u201cThe release will have no meaningful impact on gas prices. Ridiculous.\u201d<\/p>\n<p>\u201cBiden could collapse the price of oil today and create an economic boom by simply ending his war against fracking and returning to the Trump policy of energy dominance,\u201d Milloy continued. \u201cInstead, we get this trivial release of oil and a false accusation so price gouging.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/11\/23\/joe-biden-strategic-petroleum-reserve-critics-gas-prices\">(RELATED: \u2018Will Not Fix The Problem\u2019: Biden Releasing Oil Reserves Due To Politics, Critics Say)<\/a><\/strong><\/p>\n<div id=\"attachment_7326057\" class=\"wp-caption alignnone\" readability=\"33\">\n<p id=\"caption-attachment-7326057\" class=\"wp-caption-text\">Indigenous environmental activists march through Black Lives Matter Plaza on their way to the White House as part of a protest against oil pipelines on April 1. (Chip Somodevilla\/Getty Images)<\/p>\n<\/div>\n<p>Energy industry experts <a href=\"https:\/\/www.energy.senate.gov\/2021\/11\/barrasso-tapping-the-strategic-petroleum-reserve-is-a-desperate-attempt-to-address-a-biden-caused-disaster\">and<\/a> Republican lawmakers <a href=\"https:\/\/www.globalenergyinstitute.org\/us-chamber-opposes-use-strategic-petroleum-reserve-calls-biden-administration-encourage-domestic\">echoed<\/a> Milloy\u2019s comments Tuesday, arguing the move was driven by politics rather than a desire to lower prices over the long term. Democratic Sen. Joe Manchin, the chairman of the Senate Energy and Natural Resources Committee, shared in the criticism, <a href=\"https:\/\/www.energy.senate.gov\/2021\/11\/manchin-statement-on-biden-s-decision-to-release-oil-from-strategic-petroleum-reserve\">saying<\/a> Biden should do more than apply a \u201cband-aid\u201d to fix the issue.<\/p>\n<p>\u201cHistoric inflation taxes and the lack of a comprehensive all-of-the-above energy policy pose a clear and present threat to (Americans\u2019) economic and energy security that can no longer be ignored,\u201d Manchin said in a statement.<\/p>\n<p>The president <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/10\/22\/remarks-by-president-biden-in-a-cnn-town-hall-with-anderson-cooper-2\/\">previously acknowledged<\/a> that releasing emergency reserves would have a limited impact.<\/p>\n<p>The price of oil is likely to stay elevated since the market has already reacted to the emergency reserve release, according to a recent Goldman Sachs industry report. Investors expected such a move, the report added.<\/p>\n<p>\u201cIt\u2019s going up because it\u2019s not more, and (investors are) reading no changes in the US policies towards oil and gas production,\u201d Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation.<\/p>\n<p>Biden has pursued an aggressive climate agenda, attacking the U.S. oil and gas industry by nixing pipelines, ditching drilling projects and introducing broad regulations. He also <a href=\"https:\/\/dailycaller.com\/2021\/11\/17\/joe-biden-federal-trade-commission-gasoline-prices-big-oil\/\">accused<\/a> the industry of price gouging in a letter to the Federal Trade Commission.<\/p>\n<p>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 <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Domestic and international oil price indices rose Tuesday, even after President Joe Biden and other world leaders coordinated a release of emergency reserves.The West Texas Intermediate (WTI) crude oil index, &#8230;<\/p>\n","protected":false},"author":181,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1048454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1048454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1048454"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1048454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1048454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1048454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1048454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}