{"id":1051832,"date":"2021-11-24T11:59:11","date_gmt":"2021-11-24T16:59:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1051832"},"modified":"2021-11-24T11:59:16","modified_gmt":"2021-11-24T16:59:16","slug":"bidens-tapping-of-petroleum-reserves-will-provide-just-over-2-5-days-worth-of-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-tapping-of-petroleum-reserves-will-provide-just-over-2-5-days-worth-of-oil\/","title":{"rendered":"Biden\u2019s Tapping Of Petroleum Reserves Will Provide Just Over 2.5 Days Worth Of Oil"},"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\">28<\/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%2Fbidens-tapping-of-petroleum-reserves-will-provide-just-over-2-5-days-worth-of-oil%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=1051832&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>President Joe Biden announced on Tuesday that he would tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil, but that won\u2019t last long.<\/p>\n<p>The U.S. Energy Information reported, \u201cIn 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum.\u201d<\/p>\n<p>Biden said 32 million barrels \u201cwill be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead,\u201d with the other 18 million authorized for sale via Congress. That means the total amount of oil tapped will be just over 2.5 days worth.<\/p>\n<p>Oil prices have soared to seven-year highs and U.S. retail gasoline cost have hit an average of $3.42 a gallon, also the highest in seven years.<\/p>\n<p>Tapping the reserve doesn\u2019t solve the production problem. \u201cAnalysts have warned an SPR release would only produce a short-term effect in the market, as it would not increase U.S. production capacity,\u201d Reuters <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-rise-with-few-us-government-brakes-available-2021-11-09\/\">wrote<\/a>.<\/p>\n<p>On Tuesday, the White House said China, India, Japan, South Korea, and the United Kingdom will also tap into their petroleum reserves as part of a coordinated effort. \u201cThis culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices. Over the last several weeks as reports of this work became public, oil prices are down nearly 10%,\u201d the White House said.<\/p>\n<p>Biden\u2019s move drew praise from senior Democrats, including Senate Majority Leader Chuck Schumer (D-NY).<\/p>\n<p>\u201cPresident Biden\u2019s announcement is good news for American families and will strengthen our economy,\u201d Schumer said. \u201cTapping the SPR will provide much-needed temporary relief at the pump and will signal to OPEC that they cannot recklessly manipulate supply to artificially inflate gas prices. Of course, the only long-term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy.\u201d<\/p>\n<p>Prices at the pump have been rising steadily since Biden took office. But GasBuddy.com, a price-tracking website, said Monday that gas prices have fallen for two straight weeks to an average of $3.39 per gallon. Still, gas is $1.30 per gallon higher than a year ago, the site said.<\/p>\n<p>\u201cWhile there\u2019s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves,\u201d Patrick De Haan, head of petroleum analysis for GasBuddy, said ahead of Biden\u2019s announcement.<\/p>\n<p>And supply is also dwindling.<\/p>\n<p>\u201cAccording to data from the Energy Information Administration last week, U.S. crude oil inventories fell 2.1 million barrels and stand 7% below the five year average for this time of year, while domestic crude oil production also saw a slight drop to 11.4 million barrels per day,\u201d GasBuddy <a href=\"https:\/\/www.wane.com\/news\/national-world\/gasbuddy-prices-at-the-pump-could-fall-for-several-weeks\/\">reported.<\/a><\/p>\n<p>\u201cGasoline inventories fell by a slight 700,000 barrels and stand 4% below the five year average range, while distillate inventories also declined by 800,000 barrels and stand 5% below the five year average range. Implied gasoline demand, a proxy for retail gasoline demand, fell 18,000bpd to 9.24 million barrels per day. Refinery utilization continued to rally, posting a rise of 1.2 percentage points to 87.9% nationally,\u201d the website added.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden announced on Tuesday that he would tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil, but that won\u2019t last long.The U.S. Energy Information reported, \u201cIn 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum.\u201dBiden said 32 million barrels \u201cwill be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead,\u201d with the other 18 million authorized for sale via Congress. That means the total amount of oil tapped will be just over 2.5 days worth.Oil prices have soared to seven-year highs and U.S. retail gasoline cost have hit an average of $3.42 a gallon, also the highest in seven years.Tapping the reserve doesn\u2019t solve the production problem. \u201cAnalysts have warned an SPR release would only produce a short-term effect in the market, as it would not increase U.S. production capacity,\u201d Reuters wrote.On Tuesday, the White House said China, India, Japan, South Korea, and the United Kingdom will also tap into their petroleum reserves as part of a coordinated effort. \u201cThis culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices. Over the last several weeks as reports of this work became public, oil prices are down nearly 10%,\u201d the White House said.Biden\u2019s move drew praise from senior Democrats, including Senate Majority Leader Chuck Schumer (D-NY).\u201cPresident Biden\u2019s announcement is good news for American families and will strengthen our economy,\u201d Schumer said. \u201cTapping the SPR will provide much-needed temporary relief at the pump and will signal to OPEC that they cannot recklessly manipulate supply to artificially inflate gas prices. Of course, the only long-term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy.\u201dPrices at the pump have been rising steadily since Biden took office. But GasBuddy.com, a price-tracking website, said Monday that gas prices have fallen for two straight weeks to an average of $3.39 per gallon. Still, gas is $1.30 per gallon higher than a year ago, the site said.\u201cWhile there\u2019s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves,\u201d Patrick De Haan, head of petroleum analysis for GasBuddy, said ahead of Biden\u2019s announcement.And supply is also dwindling.\u201cAccording to data from the Energy Information Administration last week, U.S. crude oil inventories fell 2.1 million barrels and stand 7% below the five year average for this time of year, while domestic crude oil production also saw a slight drop to 11.4 million barrels per day,\u201d GasBuddy reported.\u201cGasoline inventories fell by a slight 700,000 barrels and stand 4% below the five year average range, while distillate inventories also declined by 800,000 barrels and stand 5% below the five year average range. Implied gasoline demand, a proxy for retail gasoline demand, fell 18,000bpd to 9.24 million barrels per day. Refinery utilization continued to rally, posting a rise of 1.2 percentage points to 87.9% nationally,\u201d the website added.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":159,"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-1051832","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\/1051832","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\/159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1051832"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1051832\/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=1051832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1051832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1051832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}