{"id":1412616,"date":"2022-03-31T10:59:36","date_gmt":"2022-03-31T14:59:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1412616"},"modified":"2022-03-31T10:59:40","modified_gmt":"2022-03-31T14:59:40","slug":"biden-mulls-releasing-1-million-barrels-of-oil-a-day-from-u-s-reserves","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-mulls-releasing-1-million-barrels-of-oil-a-day-from-u-s-reserves\/","title":{"rendered":"Biden Mulls Releasing 1 Million Barrels Of Oil A Day From U.S. Reserves"},"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\">26<\/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-mulls-releasing-1-million-barrels-of-oil-a-day-from-u-s-reserves%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=1412616&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--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/03\/derrick.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>President Joe Biden is considering releasing 1 million barrels of oil per day from the U.S. Strategic Petroleum Reserves (SPR) for up to six months as the price of gas continues to soar across the nation, according to a new report.<\/p>\n<p>\u201cThe plan under consideration would release around 1 million barrels per day from the Strategic Petroleum Reserve for the coming months, a person familiar with the deliberations says,\u201d CNN <a href=\"https:\/\/www.cnn.com\/2022\/03\/30\/politics\/strategic-petroleum-reserve-release-oil-joe-biden\/index.html\">reported<\/a>. \u201cThe release plan could last as long as six months, the person said, though the duration was still being finalized. That would amount to 180 million barrels of oil.\u201d<\/p>\n<p>Back in November, Biden released about 60 million barrels, the largest release from the reserve in history, he said at the time, and released another 30 million barrels earlier this month.<\/p>\n<p>But a million barrels a day is a drop in the bucket. The U.S. Energy Information <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=32&#038;t=6\">reported<\/a> that, \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 over the full year.<\/p>\n<p>At the time, Biden said\u00a032 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>Tapping the reserve doesn\u2019t solve the production problem or lower prices for long, either. \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>Back in November, a gas website noted that stocks were dwindling.\u00a0\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\u00a0<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>Biden\u2019s\u00a0 predecessor criticized the move.<\/p>\n<p>\u201cSo after 50 years of being virtually empty, I built up our oil reserves during my administration, and low energy prices, to 100% full,\u201d former President Donald Trump said. \u201cIt\u2019s called the Strategic National Reserves, and it hasn\u2019t been full for many decades. In fact, it\u2019s been mostly empty.\u201d<\/p>\n<p>\u201cIt\u2019s supposed to only be used for large-scale emergency or conflict. Now I see where Biden has just announced he\u2019s going to take what we so carefully and magically built, and what will be a futile attempt to reduce oil and gasoline prices. They will soon bring it down to empty again. It just never ends!\u201d Trump said in a statement.<\/p>\n<p><em>Joseph Curl has covered politics for 35 years, including 12 years as White House correspondent, and ran the Drudge Report from 2010 to 2015. Send tips to josephcurl@dailywire.com and follow him on Twitter @josephcurl.<\/em><\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <a class=\"in-cell-link\" href=\"https:\/\/www.dailywire.com\/subscribe\" target=\"_blank\" rel=\"noopener\">Become a member now and join our mission.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is considering releasing 1 million barrels of oil per day from the U.S. Strategic Petroleum Reserves (SPR) for up to six months as the price of gas<\/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-1412616","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\/1412616","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=1412616"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1412616\/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=1412616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1412616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1412616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}