{"id":1662869,"date":"2022-09-28T16:35:45","date_gmt":"2022-09-28T20:35:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1662869"},"modified":"2022-09-28T16:36:01","modified_gmt":"2022-09-28T20:36:01","slug":"biden-draining-strategic-petroleum-reserve-like-campaign-credit-card-industry-official","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-draining-strategic-petroleum-reserve-like-campaign-credit-card-industry-official\/","title":{"rendered":"Biden Draining Strategic Petroleum Reserve Like \u2018Campaign Credit Card\u2019: Industry Official"},"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\">22<\/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-draining-strategic-petroleum-reserve-like-campaign-credit-card-industry-official%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=1662869&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>The head of a U.S. oil industry association warned that the Biden administration is wantonly\u00a0draining the U.S. Strategic Petroleum Reserve in a bid to keep Democrats afloat ahead of the 2022 midterms.<\/p>\n<p>\u201cThis is the first time in history, honestly, that the Strategic Petroleum Reserve has been used as a campaign credit card to buy down political risk for the midterms,\u201d Tim Stewart, the head of the U.S. Oil and Gas Association, <a href=\"https:\/\/justthenews.com\/government\/federal-agencies\/pres-us-oil-and-gas-association-says-reserve-being-used-campaign-credit\">said<\/a> in a recent interview with Just the News.<\/p>\n<p>The Strategic Petroleum Reserve as of Sept. 23 <a href=\"https:\/\/ycharts.com\/indicators\/us_ending_stocks_of_crude_oil_in_the_strategic_petroleum_reserve#:~:text=US%20Crude%20Oil%20in%20the%20Strategic%20Petroleum%20Reserve%20Stocks%20is,31.19%25%20from%20one%20year%20ago.\">dropped<\/a> to 422.58 million barrels of oil, or the <a href=\"https:\/\/www.wsj.com\/articles\/america-has-lost-its-oil-buffer-11663821015\">lowest<\/a> level since 1984. That\u2019s down from 617 million barrels since Oct. 1, 2021.<\/p>\n<p>\u201cLet me put it in perspective if I could,\u201d Stewart said. \u201cAt the current rate, the U.S. is selling more oil out of its emergency reserves than the production of most medium-sized OPEC countries like Algeria or Angola.\u201d<\/p>\n<p>\u201cWe\u2019re selling twice as much per day than we\u2019re producing out of Alaska. That puts us somewhere between Exxon and Conoco in terms of \u2026 the impact we\u2019re having on the daily supply\u2014and this is happening without new oil going in to replace it.\u201d<\/p>\n<p>President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.<\/p>\n<p>\u201cThe scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time,\u201d the White House <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\/\">said<\/a> at the time.\u00a0\u201cThis record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.\u201d<\/p>\n<p>The Biden administration is weighing the need for further Strategic Petroleum releases after the<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The head of a U.S. oil industry association warned that the Biden administration is wantonly\u00a0draining the U.S. Strategic Petroleum Reserve in a bid to keep Democrats afloat ahead of the 2022 midterms. \u201cThis is the first time in history, honestly, that the Strategic Petroleum Reserve has been used as a campaign credit card to buy [\u2026]<\/p>\n","protected":false},"author":58,"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-1662869","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\/1662869","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\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1662869"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1662869\/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=1662869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1662869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1662869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}