{"id":1540326,"date":"2022-07-05T17:34:30","date_gmt":"2022-07-05T21:34:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1540326"},"modified":"2022-07-05T17:34:33","modified_gmt":"2022-07-05T21:34:33","slug":"stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries\/","title":{"rendered":"Stunning Amount Of Oil Released By Biden Found Its Way To China, Other Countries"},"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%2Fstunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries%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=1540326&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>Millions of barrels of oil President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> released from the United States\u2019 Strategic Petroleum Reserve found their way to <a href=\"http:\/\/dailywire.com\/topic\/europe\">European<\/a> and Asian nations, including <a href=\"http:\/\/dailywire.com\/topic\/china\">China<\/a>, according to a Tuesday report from <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05\/\">Reuters<\/a>.<\/p>\n<p>Biden has frequently <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/31\/fact-sheet-president-bidens-plan-to-respond-to-putins-price-hike-at-the-pump\/\">touted<\/a> the release of one million barrels of <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\">oil<\/a> per day as an \u201cunprecedented\u201d move to \u201cprovide a historic amount of supply\u201d as Americans face surging prices at the pumps. Indeed, the national average <a href=\"http:\/\/dailywire.com\/topic\/gas-prices\">price of gas<\/a> in the United States is currently $4.80 per gallon, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>, with the national average temporarily surpassing <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a> last month.<\/p>\n<p>However, Reuters found through customs data that at least five million barrels of oil were exported to Europe and Asia last month as the strategic reserve drains to its lowest level since 1986. American oil refiner Phillips 66, for instance, shipped 470,000 barrels of sour crude from Texas to Trieste, Italy, while Atlantic Trading &#038; Marketing (ATMI) \u2014 a division of French entity TotalEnergies \u2014 exported two cargoes of 560,000 barrels each.<\/p>\n<p>Meanwhile, industry sources told the outlet that more crude oil was sent to China, India, and the Netherlands.<\/p>\n<p>Fuel costs across the world have risen since the <a href=\"http:\/\/dailywire.com\/topic\/russia\">Russian<\/a> invasion of <a href=\"http:\/\/dailywire.com\/topic\/ukraine\">Ukraine<\/a> \u2014 yet the Biden administration has pursued policies such as nixing expansions to the <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\">Keystone XL Pipeline<\/a> last year and delaying new <a href=\"https:\/\/www.dailywire.com\/news\/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays\">drilling permits<\/a>. Beyond releasing fuel reserves, Biden has also resorted to pleading with oil companies to cut into their own profits.<\/p>\n<p>\u201cThere is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,\u201d Biden wrote in a recent <a href=\"https:\/\/www.mediaite.com\/news\/read-bidens-full-letter-to-oil-companies-demanding-help-on-gas-prices-historically-high-profit-margins-are-unacceptable\/\">letter<\/a> to seven oil and gas companies. \u201cBut amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.\u201d<\/p>\n<p>Biden has likewise set his sights on gas stations \u2014 which run on margins as low as 1.4%, according to industry research company <a href=\"https:\/\/thehustle.co\/the-economics-of-gas-stations\/\">IBISWorld<\/a>.<\/p>\n<p>\u201cMy message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,\u201d Biden <a href=\"https:\/\/www.dailywire.com\/news\/oil-group-blasts-biden-tweet-tells-intern-who-posted-this-to-take-econ-101\">said<\/a> on social media. \u201cBring down the price you are charging at the pump to reflect the cost you\u2019re paying for the product. And do it now.\u201d<\/p>\n<p>The U.S. Oil and Gas Association \u2014 a petroleum industry advocacy group \u2014 responded to Biden by affirming that they are \u201cworking on it.\u201d The organization wished Biden a happy Fourth of July and asked him to \u201cplease make sure\u201d the White House intern who posted the tweet \u201cregisters for Econ 101 for the fall semester.\u201d<\/p>\n<p>Beyond gas station prices, analysts at JPMorgan Chase are warning that <a href=\"https:\/\/www.dailywire.com\/news\/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices\">oil prices could triple<\/a> to $380 a barrel as Russian officials continue their invasion of Ukraine. \u201cIt is likely that the government could retaliate by cutting output as a way to inflict pain on the West,\u201d the analysts wrote. \u201cThe tightness of the global oil market is on Russia\u2019s side.\u201d<\/p>\n<p>Yet crude inventories in the United States are currently at their lowest levels since 2004, according to Reuters, as refineries along the gulf coast operate at nearly 98% capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millions of barrels of oil President Joe Biden released from the United States\u2019 Strategic Petroleum Reserve found their way to European and Asian nations, including China, according to a Tuesday report from Reuters. Biden has frequently touted the release of one million barrels of oil per day as an \u201cunprecedented\u201d move to \u201cprovide a historic &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1511047,"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-1540326","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\/1540326","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=1540326"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1540326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1511047"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1540326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1540326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1540326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}