{"id":1422965,"date":"2022-04-07T07:44:53","date_gmt":"2022-04-07T11:44:53","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1422965"},"modified":"2022-04-07T07:44:57","modified_gmt":"2022-04-07T11:44:57","slug":"bidens-depletion-of-the-strategic-petroleum-reserve-vs-oil-and-gas-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-depletion-of-the-strategic-petroleum-reserve-vs-oil-and-gas-prices\/","title":{"rendered":"Biden\u2019s Depletion of the Strategic Petroleum Reserve vs. Oil and Gas Prices"},"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%2Fbidens-depletion-of-the-strategic-petroleum-reserve-vs-oil-and-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=1422965&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>Oil prices shot up Monday despite President Joe Biden\u2019s plan to curb gasoline prices by releasing a million barrels of emergency oil reserves daily.<\/p>\n<p>The Brent crude\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/DCOILBRENTEU\" target=\"_blank\" rel=\"noopener noreferrer\">index<\/a>, the global oil benchmark,\u00a0<a href=\"https:\/\/markets.businessinsider.com\/commodities\/oil-price\">increased<\/a> to $108.07 per barrel Monday morning, surging more than 3.1% overnight. The U.S. WTI index <a href=\"https:\/\/markets.businessinsider.com\/commodities\/oil-price?type=wti\">skyrocketed<\/a> more than 3.4% past $103 per barrel Monday.<\/p>\n<p>\u201cWill the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no,\u201d Stephen Brennock, an analyst at PVM Oil Associates, <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-extends-losses-reserves-release-yemen-truce-2022-04-04\/\">told<\/a> Reuters.<\/p>\n<p>Biden <a href=\"https:\/\/dailycaller.com\/2022\/03\/31\/joe-biden-strategic-petroleum-reserve-crude-oil-gasoline-prices\/\">announced<\/a> Thursday that he ordered the Department of Energy to release a million barrels of oil stored in the Strategic Petroleum Reserve (SPR) every day for six months. The following day, the International Energy Agency <a href=\"https:\/\/www.iea.org\/news\/iea-member-countries-agree-to-new-emergency-oil-stock-release-in-response-to-market-turmoil\">said<\/a> its 31 member nations pledged their own separate release of 62.7 million additional barrels of oil.<\/p>\n<p>The president <a href=\"https:\/\/dailycaller.com\/2022\/03\/31\/biden-promises-lower-gas-prices-35-cents\/\">remarked<\/a> Thursday that the U.S. release of emergency oil reserves would lead to gas prices declining by up to 35 cents a gallon. However, White House economic adviser Jared Bernstein <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/04\/01\/press-briefing-by-press-secretary-jen-psaki-and-member-of-the-council-of-economic-advisers-jared-bernstein-april-1-2022\/\">noted<\/a> that SPR releases were a \u201ctime-limited function\u201d during a press briefing on Friday. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/31\/joe-biden-strategic-petroleum-reserve-crude-oil-gasoline-prices\/\">(RELATED: Biden Plans To Release More Oil From Emergency Stockpile. Will It Work?)<\/a><\/strong><\/p>\n<div id=\"attachment_7395027\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7395027\" class=\"wp-caption-text\">An oil drilling rig works in the Permian Basin oil field on March 13 in Midland, Texas. (Joe Raedle\/Getty Images)<\/p>\n<\/div>\n<p>\u201cIt\u2019s not a \u2018strategic price reserve.\u2019 It was never intended for this and it won\u2019t do anything, just like the last one,\u201d Institute for Energy Research President Tom Pyle told the Daily Caller News Foundation after Biden\u2019s announcement. \u201cThis is about nine days worth of demand, but even less because a barrel of crude from the Reserve does not equal a barrel of gasoline.\u201d<\/p>\n<p>Biden <a href=\"https:\/\/dailycaller.com\/2021\/11\/23\/crude-oil-prices-joe-biden-strategic-petroleum-reserve\/\">released<\/a> 50 million barrels of oil in November and <a href=\"https:\/\/dailycaller.com\/2022\/03\/01\/joe-biden-international-energy-agency-crude-oil-stockpile-russia-ukraine\/\">another<\/a> 30 million barrels on March 1. Both previous stockpile releases were followed by temporary decreases in gasoline prices before prices then shot up again.<\/p>\n<p>The average cost of gasoline <a href=\"https:\/\/dailycaller.com\/2022\/03\/07\/gasoline-prices-all-time-high-russia-white-house\/\">hit its highest level ever<\/a> mere weeks after Biden\u2019s March 1 release of oil. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/29\/joe-biden-gasoline-prices-tax-credits-oil-drillers\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Biden Calls For Raising Taxes On Oil Drillers Amid Energy Crisis)\u00a0<\/a><\/strong><\/p>\n<p>On Monday, oil prices again seemed unfazed by the historic global oil stockpile releases, rising on continued concerns about the impact of declining Russian energy output and lack of progress on a renewed Iran nuclear deal, Reuters reported.<\/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>Oil prices shot up Monday despite President Joe Biden\u2019s plan to curb gasoline prices by releasing a million barrels of emergency oil reserves daily.The Brent crude\u00a0index, the global oil benchmark,\u00a0increased<\/p>\n","protected":false},"author":489,"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-1422965","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\/1422965","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\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1422965"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1422965\/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=1422965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1422965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1422965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}