{"id":1412887,"date":"2022-03-31T12:59:36","date_gmt":"2022-03-31T16:59:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1412887"},"modified":"2022-03-31T12:59:40","modified_gmt":"2022-03-31T16:59:40","slug":"biden-prepares-to-further-drain-strategic-petroleum-reserve-built-up-by-trump","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-prepares-to-further-drain-strategic-petroleum-reserve-built-up-by-trump\/","title":{"rendered":"Biden Prepares to Further Drain Strategic Petroleum Reserve Built Up by Trump"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/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-prepares-to-further-drain-strategic-petroleum-reserve-built-up-by-trump%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=1412887&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><\/div>\n<section data-v-5e19d842=\"\">\n<p>President Biden is considering releasing one million barrels of oil per day from US reserves over 180 days, which would be the largest such move in American history. The US uses about <a href=\"https:\/\/thepostmillennial.com\/biden-energy-sec-us-russian-coal-imports\">18-20 million barrels<\/a> per day.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>As fuel prices across the country continue to surge, the Biden administration is <a href=\"https:\/\/www.reuters.com\/business\/energy\/biden-will-give-remarks-thursday-efforts-lower-gas-prices-white-house-2022-03-31\/\">reportedly<\/a> taking action by releasing one million barrels of oil per day from the Strategic Petroleum Reserve. This would add a small amount to the amount of oil in circulation, but would make a dent in the reserves themselves.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\"><\/section>\n<section data-v-5e19d842=\"\">\n<p>On Wednesday, news broke that the Biden administration was considering tapping national oil reserves for the third time in the past six months. In November, 50 million barrels were released.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>The 180 million total barrels that would be withdrawn over the next six months are equivalent to what Americans <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=33&#038;t=6#:~:text=In%202021%2C%20the%20United%20States,day%20over%20consumption%20in%202020.\">consume<\/a> in 9 or 10 days. The reserve currently holds 568.3 million barrels.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>As Reuters <a href=\"https:\/\/www.reuters.com\/business\/energy\/biden-will-give-remarks-thursday-efforts-lower-gas-prices-white-house-2022-03-31\/\">reports<\/a>, the announcement that the US would be tapping its reserves caused oil prices to drop. In both North America and Europe, futures prices went down by nearly $6 a barrel, to $107.54.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>The drop in price is welcome news for consumers, who have been impacted by the <a href=\"https:\/\/thepostmillennial.com\/national-average-gas-price-jumps-over-4\">highest gas prices<\/a> since 2008. <\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>In response, Democrats have <a href=\"https:\/\/thepostmillennial.com\/democrats-propose-to-pay-americans-monthly-energy-rebate-to-offset-gas-price-hikes\">suggested<\/a> paying Americans making less than $75,000 an &#8220;energy rebate&#8221; of $100 per month, plus an extra $100 for each dependent, for the remainder of 2022, so long as the average national gas price is higher than $4 per gallon.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>Former president Trump has also spoken out on the issue, slamming the administration for the release.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>&#8220;So after 50 years of being virtually empty,&#8221; he said in a statement, &#8220;I built up our oil reserves during my administration, and low energy prices, to 100% full. It\u2019s called the Strategic National Reserves, and it hasn\u2019t been full for many decades. In fact, it\u2019s been mostly empty.&#8221;<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>&#8220;It\u2019s supposed to only be used for large-scale emergency or conflict,&#8221; he continued. &#8220;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!&#8221;<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>One of the major causes of <a href=\"https:\/\/thepostmillennial.com\/breaking-biden-says-gas-prices-will-rise-calls-it-putins-price-hike\">rising oil prices<\/a> in recent weeks has been Russia&#8217;s invasion of Ukraine. Following the invasion, nations around the world placed sanctions on Russia, the second largest producer of crude oil in the world. Though prices were steadily rising before that.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p><a href=\"https:\/\/www.reuters.com\/business\/energy\/biden-will-give-remarks-thursday-efforts-lower-gas-prices-white-house-2022-03-31\/\">According<\/a> to Reuters, sanctions and &#8220;reluctance to purchase Russian oil&#8221; threaten to remove nearly three million barrels of oil per day off the market beginning in April.<\/p>\n<\/section>\n<section data-v-5e19d842=\"\">\n<p>On Thursday, President Biden is slated to deliver remarks regarding &#8220;his administration&#8217;s actions to reduce the impact of Putin&#8217;s price hike on energy prices and lower gas prices at the pump for American families.&#8221;<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>President Biden is considering releasing one million barrels of oil per day from US reserves over 180 days, which would be the largest such move in American history. The<\/p>\n","protected":false},"author":498,"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-1412887","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\/1412887","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\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1412887"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1412887\/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=1412887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1412887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1412887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}