{"id":1066075,"date":"2021-11-29T20:02:20","date_gmt":"2021-11-30T01:02:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1066075"},"modified":"2021-11-29T20:02:39","modified_gmt":"2021-11-30T01:02:39","slug":"biden-could-release-more-oil-from-strategic-reserves-even-though-first-release-didnt-move-gas-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-could-release-more-oil-from-strategic-reserves-even-though-first-release-didnt-move-gas-prices\/","title":{"rendered":"Biden Could Release More Oil From Strategic Reserves, Even Though First Release Didn\u2019t Move Gas Prices"},"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\">32<\/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%2Fbiden-could-release-more-oil-from-strategic-reserves-even-though-first-release-didnt-move-gas-prices%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=1066075&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 Biden may release more oil from the United States Strategic Petroleum Reserve \u2014 even though a similar move from the administration had a negligible effect on gas prices.<\/p>\n<p>Amos Hochstein \u2014 the White House\u2019s Senior Advisor for Energy Security \u2014 <a href=\"https:\/\/www.cnbc.com\/2021\/11\/29\/biden-ready-to-release-more-oil-reserves-to-cool-price-amos-hochstein.html\">told<\/a> CNBC\u2019s Hadley Gamble that releasing oil from the reserve \u201cis a tool that was available to us and will be available again.\u201d<\/p>\n<p>\u201cRemember, this was not a 50-million-barrel release, 30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished,\u201d Hochstein explained. \u201cAnd therefore, we have more flexibility to be able to do this again in the future if the need arises. I think we wanted to do something that was impactful for the market and that also had the ability and the flexibility to allow us to do that again should the need arise for the American economy.\u201d<\/p>\n<p>Amid <a href=\"https:\/\/www.dailywire.com\/news\/biden-energy-secretary-people-going-to-pay-more-to-heat-homes-hope-gas-doesnt-hit-4-per-gallon\">rising<\/a> gas prices, the Biden administration announced plans last week to <a href=\"https:\/\/www.dailywire.com\/news\/bidens-tapping-of-petroleum-reserves-will-provide-just-over-2-5-days-worth-of-oil\">tap<\/a> 50 million barrels of oil from the strategic reserve. Biden said that 32 million \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 while the other 18 million would be authorized for sale via Congress.<\/p>\n<p>According to the United States Energy Information Administration, however, the United States consumed roughly 18.19 million barrels of petroleum per day in 2020 \u2014 meaning that the release of 50 million barrels would only equate to 2.5 days\u2019 worth of consumption. As <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-rise-with-few-us-government-brakes-available-2021-11-09\/\">Reuters<\/a> explained, \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<\/p>\n<p>Nevertheless, Democratic leadership \u2014 including Senate Majority Leader Chuck Schumer (D-NY) \u2014 praised the President\u2019s move.<\/p>\n<p>\u201cPresident Biden\u2019s announcement is good news for American families and will strengthen our economy,\u201d he 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>Indeed, prices have risen over the past week following volatility stemming from the omicron coronavirus variant.<\/p>\n<p>\u201cOil prices rose on Monday, following the biggest one-day pullback since April last year late last week,\u201d CNBC reported. \u201cInternational benchmark Brent crude futures traded at $74.60 a barrel on Monday, up more than 2.5% for the session, while U.S. West Texas Intermediate futures stood at $70.62, around 3.6% higher.<\/p>\n<p>After the Biden administration authorized the release of reserve oil, Energy Secretary Jennifer Granholm <a href=\"https:\/\/www.dailywire.com\/news\/file-under-not-qualified-to-be-energy-secretary-biden-official-stumped-on-basic-question-crenshaw-slams\">failed<\/a> to demonstrate knowledge of the American economy\u2019s daily oil consumption.<\/p>\n<p>\u201cHow many barrels of oil does the U.S. consume per day?\u201d asked a reporter during a press briefing.&nbsp;<\/p>\n<p>\u201cI don\u2019t have that number in front of me,\u201d Granholm responded.<\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/subscribe\"><strong>LAST CHANCE to SAVE 50% on memberships to The Daily Wire with code DW50. Without our members, none of this would be possible. Join us to keep the mission alive.<\/strong><\/a><\/p>\n<p>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","protected":false},"excerpt":{"rendered":"<p>President Biden may release more oil from the United States Strategic Petroleum Reserve \u2014 even though a similar move from the administration had a negligible effect on gas prices.Amos Hochstein \u2014 the White House\u2019s Senior Advisor for Energy Security \u2014 told CNBC\u2019s Hadley Gamble that releasing oil from the reserve \u201cis a tool that was available to us and will be available again.\u201d\u201cRemember, this was not a 50-million-barrel release, 30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished,\u201d Hochstein explained. \u201cAnd therefore, we have more flexibility to be able to do this again in the future if the need arises. I think we wanted to do something that was impactful for the market and that also had the ability and the flexibility to allow us to do that again should the need arise for the American economy.\u201dAmid rising gas prices, the Biden administration announced plans last week to tap 50 million barrels of oil from the strategic reserve. Biden said that 32 million \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 while the other 18 million would be authorized for sale via Congress.According to the United States Energy Information Administration, however, the United States consumed roughly 18.19 million barrels of petroleum per day in 2020 \u2014 meaning that the release of 50 million barrels would only equate to 2.5 days\u2019 worth of consumption. As Reuters explained, \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.\u201dNevertheless, Democratic leadership \u2014 including Senate Majority Leader Chuck Schumer (D-NY) \u2014 praised the President\u2019s move.\u201cPresident Biden\u2019s announcement is good news for American families and will strengthen our economy,\u201d he 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.\u201dIndeed, prices have risen over the past week following volatility stemming from the omicron coronavirus variant.\u201cOil prices rose on Monday, following the biggest one-day pullback since April last year late last week,\u201d CNBC reported. \u201cInternational benchmark Brent crude futures traded at $74.60 a barrel on Monday, up more than 2.5% for the session, while U.S. West Texas Intermediate futures stood at $70.62, around 3.6% higher.After the Biden administration authorized the release of reserve oil, Energy Secretary Jennifer Granholm failed to demonstrate knowledge of the American economy\u2019s daily oil consumption.\u201cHow many barrels of oil does the U.S. consume per day?\u201d asked a reporter during a press briefing.\u00a0\u201cI don\u2019t have that number in front of me,\u201d Granholm responded.LAST CHANCE to SAVE 50% on memberships to The Daily Wire with code DW50. Without our members, none of this would be possible. Join us to keep the mission alive.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":99,"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-1066075","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\/1066075","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1066075"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1066075\/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=1066075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1066075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1066075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}