{"id":1541500,"date":"2022-07-06T12:51:25","date_gmt":"2022-07-06T16:51:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1541500"},"modified":"2022-07-06T12:51:32","modified_gmt":"2022-07-06T16:51:32","slug":"joe-biden-is-sending-u-s-reserve-oil-overseas-as-americans-cope-with-record-gas-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-is-sending-u-s-reserve-oil-overseas-as-americans-cope-with-record-gas-prices\/","title":{"rendered":"Joe Biden Is Sending U.S. Reserve Oil Overseas As Americans Cope With Record Gas Prices"},"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\">30<\/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%2Fjoe-biden-is-sending-u-s-reserve-oil-overseas-as-americans-cope-with-record-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=1541500&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:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2886070506_fe20220727_k-e1657123256607.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>More than 5 million barrels of oil from President Joe Biden\u2019s \u201cunprecedented\u201d release from the nation\u2019s emergency petroleum reserves were shipped overseas last month as domestic energy prices reached record highs amid roaring inflation.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05\/\">According<\/a> to Reuters, the fuel was exported to Europe and Asia as American consumers coped with a <a href=\"https:\/\/gasprices.aaa.com\/\">$5 average <\/a>for a gallon of regular unleaded gasoline and $5.81 for diesel. <\/p>\n<p>\u201cThe [Strategic Petroleum Reserve] remains a critical energy security tool to address global crude oil supply disruptions,\u201d a spokesman for the Department of Energy told Reuters in a statement. The release to overseas nations, the representative added, helped stable the supply of oil, with shipments to the Netherlands, India, and China. Another ship is expected to carry American reserve oil overseas later this month.<\/p>\n<p>On the final day of March, Biden <a href=\"https:\/\/thefederalist.com\/2022\/04\/01\/joe-biden-is-doing-everything-possible-to-avoid-unleashing-american-energy-production\/\">ordered<\/a> that 1 million barrels of oil be released from the nation\u2019s emergency reserves for 180 days, which would strategically coincide with the timing of the November midterms, as the president faces political blowback for <a href=\"https:\/\/thefederalist.com\/2021\/11\/11\/joe-biden-could-bring-down-gas-prices-tomorrow-hes-choosing-not-to\/\">engineering<\/a> high energy prices. Democrats with razor-thin majorities in both chambers are already bracing for a hostile election season since the president\u2019s party has historically suffered tremendous losses in the first midterms. <\/p>\n<p>Biden\u2019s latest release marked the third time the White House has ordered that oil be taken from the strategic reserves. At his State of the Union address in March, Biden announced the release of 30 million barrels of American petroleum in a move coordinated with other countries tapping their own reserves to bring a total of 60 million barrels onto the market after Russia launched war on Ukraine. Western allies including the United States have since implemented embargoes on Russian oil, the world\u2019s <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=709&#038;t=6\">third-largest<\/a> producer, which supplies 11 percent of the globe\u2019s petroleum. <\/p>\n<p>Last fall, the president released 50 million barrels of oil from the emergency reserves to artificially suppress rising gas prices going into the Thanksgiving holiday. <\/p>\n<p>The consequences of Biden\u2019s reserve drawdowns have been minimal to blunt high gas prices in a nation that uses about 20 million barrels per day, <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.\">according<\/a> to the Energy Information Administration. In fact, each release has been followed by steep increases at the pump.<\/p>\n<p>By the end of Biden\u2019s six-month release, the White House will have tapped 260 million barrels from the emergency reserves within two years of his inauguration, leaving the stockpile at its lowest level since 1986. In May, the Department of Energy <a href=\"https:\/\/www.energy.gov\/articles\/doe-announces-long-term-buyback-plan-ensuring-continued-availability-strategic-petroleum\">announced<\/a> plans to replenish only 60 million barrels of what\u2019s been released despite an authorized storage capacity of 714 million barrels.<\/p>\n<p>Meanwhile, the Biden administration is doubling down on its energy policies with an axe to the fossil fuel industry. On Friday, the Department of the Interior <a href=\"https:\/\/www.wsj.com\/articles\/biden-plans-to-block-new-offshore-oil-drilling-in-atlantic-pacific-11656709209\">blocked<\/a> new offshore drilling projects in Alaska and the Gulf of Mexico after <a href=\"https:\/\/thefederalist.com\/2022\/05\/12\/as-gas-prices-set-new-records-biden-nukes-more-oil-and-gas-projects\/\">cancelling leases<\/a> in each region two months ago.<\/p>\n<p>Last week, Biden\u2019s director of the National Economic Council, Brian Deese,\u00a0said the administration\u2019s refusal to unleash American oil production is intended to <a href=\"https:\/\/thefederalist.com\/2022\/07\/01\/biden-regime-admits-on-camera-ushering-in-liberal-world-order-is-more-important-than-affordable-gas\/\">cement<\/a> the \u201cliberal world order.\u201d <\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Tristan Justice is the western correspondent for The Federalist. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured in Real Clear Politics and Fox News. Tristan graduated from George Washington University where he majored in political science and minored in journalism. Follow him on Twitter at @JusticeTristan or contact him at Tristan@thefederalist.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 5 million barrels of oil from President Joe Biden\u2019s \u201cunprecedented\u201d release from the nation\u2019s emergency petroleum reserves were shipped overseas last month as domestic energy prices reached record<\/p>\n","protected":false},"author":494,"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-1541500","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\/1541500","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\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1541500"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1541500\/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=1541500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1541500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1541500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}