{"id":1447508,"date":"2022-04-20T11:01:45","date_gmt":"2022-04-20T15:01:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1447508"},"modified":"2022-04-20T11:01:53","modified_gmt":"2022-04-20T15:01:53","slug":"oil-from-bidens-emergency-release-from-the-strategic-petroleum-reserve-is-heading-for-europe","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-from-bidens-emergency-release-from-the-strategic-petroleum-reserve-is-heading-for-europe\/","title":{"rendered":"Oil From Biden\u2019s Emergency Release From The Strategic Petroleum Reserve Is Heading For Europe"},"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%2Foil-from-bidens-emergency-release-from-the-strategic-petroleum-reserve-is-heading-for-europe%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=1447508&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\/04\/biden.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 late last month announced he would release 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 continued to soar across the nation.<\/p>\n<p>The move was intended to ease the pinch caused by another action Biden took \u2014 boycotting Russian oil after its invasion of Ukraine. While the SPR release amounts to just 5% of the oil Americans use every day, it\u2019s also roughly what Russia supplied to the U.S.<\/p>\n<p>But now a new report says some of the SPR release is being exported.<\/p>\n<p>\u201cA cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas port bound for Europe, a signal of increasing oil-market disarray as refiners shun Russian supplies and prices surge,\u201d Bloomberg News <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-18\/texas-port-sends-strategic-u-s-oil-to-europe-amid-supply-crunch\">reported<\/a>.<\/p>\n<p>\u201cThe rare export of\u00a0strategic U.S. barrels is evidence of the ever-widening search for crude to replace Russian cargoes seven weeks after President Vladimir Putin\u2019s invasion of Ukraine triggered international revulsion and sanctions. With the global oil benchmark trading above $110 a barrel, traders and refiners also are trying to cope with a cutoff of Libya\u2019s biggest source of crude and little expansion in U.S. output,\u201d the news site said.<\/p>\n<p>The U.S. oil is headed to Rotterdam, Bloomberg reported.<\/p>\n<p>\u201cA tanker known as the Advantage Spring loaded low-sulfur crude originally pumped from the strategic reserve caverns in Southwest Louisiana at a port in Nederland, Texas earlier this month, according to a person familiar with the matter. The ship, chartered by an affiliate of French energy giant TotalEnergies SE, is bound for the key European port of Rotterdam, according to ship-tracking data compiled by Bloomberg.\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 last month.<\/p>\n<p>But a million barrels a day is a drop in the bucket. The U.S. Energy Information\u00a0<a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=32&#038;t=6\">reported<\/a>\u00a0that, \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\u00a0<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><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? Become a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a> now and join our mission.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden late last month announced he would release 1 million barrels of oil per day from the U.S. Strategic Petroleum Reserves (SPR) for up to six months as<\/p>\n","protected":false},"author":159,"featured_media":1447544,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1447508","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\/1447508","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=1447508"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1447508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1447544"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1447508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1447508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1447508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}