{"id":1680001,"date":"2022-10-09T06:23:34","date_gmt":"2022-10-09T10:23:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1680001"},"modified":"2022-10-09T06:24:18","modified_gmt":"2022-10-09T10:24:18","slug":"biden-to-release-another-10-million-barrels-of-oil-from-dwindling-strategic-reserve","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-release-another-10-million-barrels-of-oil-from-dwindling-strategic-reserve\/","title":{"rendered":"Biden to Release Another 10 Million Barrels of Oil From Dwindling Strategic Reserve"},"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\">26<\/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-to-release-another-10-million-barrels-of-oil-from-dwindling-strategic-reserve%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=1680001&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--><figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container\"><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Biden says he&#8217;ll release 10 million more barrels from the dwindling &#8216;oil piggy bank&#8217; after OPEC&#8217;s production cuts \u2014 but this is the big risk with more withdrawals<\/figcaption><\/p>\n<\/figure>\n<p>In an effort to counter rising prices at the pump, President Biden plans to plunder the country\u2019s \u201coil piggy bank.\u201d<\/p>\n<p>In November, the Department of Energy will deliver 10 million barrels from the Strategic Petroleum Reserve (SPR) to the market. The SPR \u2014 the world&#8217;s largest supply of emergency crude oil \u2014 was established back in 1975 in case of a severe oil supply crisis or economic disruption.<\/p>\n<p>Biden\u2019s decision comes after the Organization of the Petroleum Exporting Countries (OPEC+) said it would slash oil production by 2 million barrels a day \u2014 putting extra pressure on the <a href=\"https:\/\/moneywise.com\/news\/economy\/what-europes-energy-crisis-means-for-the-us?utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_global+energy+supply\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:global energy supply\" class=\"link\">global energy supply<\/a>.<\/p>\n<p>However, with the country\u2019s emergency reserve already at its lowest levels since 1984, some experts have concerns about the long-term implications.<\/p>\n<h2>Don\u2019t miss<\/h2>\n<h2>U.S. gas prices are going up again<\/h2>\n<p>Gas prices hit a record high of $5.02 a gallon in June after Russia\u2019s invasion of Ukraine, but this summer saw a 99-day streak of <a href=\"https:\/\/moneywise.com\/managing-money\/budgeting\/gas-prices-labor-day-weekend?utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_lower+prices\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:lower prices\" class=\"link\">lower prices<\/a> due to recession fears and declining oil prices.<\/p>\n<p>However, even before OPEC+ declared it would be cutting back on oil production, gas prices began inching back up again in late September. This may have been due to a combination of increasing demand, refinery issues and the upcoming European ban on Russian oil.<\/p>\n<p>Now with OPEC+\u2019s recent decision, prices are expected to escalate even further. The group says the production cuts are being made due to \u201cthe uncertainty that surrounds the global economic and oil market outlooks.\u201d<\/p>\n<p>As of Oct. 7, the average national gas price was $3.89 per gallon, which is about 10 cents higher than the week before, according to AAA.<\/p>\n<h2>Biden disappointed by &#8216;shortsighted&#8217; production cut<\/h2>\n<p>Hours after the OPEC+ announcement, the White House said the president was disappointed by \u201cthe shortsighted decision by OPEC+ to cut production quotas\u201d as the global economy is still contending with the effects of Russia\u2019s invasion of Ukraine.<\/p>\n<p>The press release noted that 10 million barrels of oil would be drained from the SPR and the Secretary of Energy would be exploring other options to increase domestic production.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/moneywise.com\/managing-money\/employment\/what-economic-class-do-you-belong-to?placement=HALF&amp;utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_Do+you+fall+in+America%27s+lower%2C+middle%2C+or+upper+c\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Do you fall in America&#039;s lower, middle, or upper class? How your income stacks up\" class=\"link\">Do you fall in America&#8217;s lower, middle, or upper class? How your income stacks up<\/a><\/p>\n<p>Biden also urged gas companies to keep bringing gas prices down.<\/p>\n<h2>Why making big withdrawals from the reserve could be risky<\/h2>\n<p>Since March, the Energy Department has released 160 million barrels of crude oil, or over a quarter of the stockpile \u2014 draining the SPR to its lowest levels in four decades.<\/p>\n<p>As of Sept. 30, the reserve has dropped to 416 million barrels, according to department data.<\/p>\n<p>The Independent Petroleum Association of America (IPAA) stated back in Nov. 2021 that it strongly opposed tapping into oil stockpiles to counter gas prices. The group\u2019s concern was that depleting the emergency reserve could put the U.S. at risk if the global or domestic oil supply reaches dangerously low levels before the supply can be brought back up.<\/p>\n<p>The IPAA recommends ramping up domestic natural gas and oil production instead, although oil producers are already dealing with supply-chain issues, limited capital and investor pressure to boost returns.<\/p>\n<p>Francisco Blanch, managing director and head of global commodities at Bank of America Global Research also voiced criticism in a segment on Bloomberg Television.<\/p>\n<p>\u201cI don\u2019t think it\u2019s a great idea given the incredibly tense geopolitical world we live in today,\u201d Blanch said. By using up the reserve, the U.S. could be putting itself \u201cmore in the hands of OPEC+ \u2026 eventually you\u2019re just ceding more and more market control.\u201d<\/p>\n<h2>What to read next<\/h2>\n<ul class=\"caas-list caas-list-bullet\">\n<li>\n<p>&#8216;I just can&#8217;t wait to get out&#8217;: Nearly three-quarters of pandemic homebuyers have regrets \u2014 here&#8217;s what you need to know before you <a href=\"https:\/\/moneywise.com\/real-estate\/i-just-cant-wait-to-get-out-nearly-three-quarters-of-pandemic-homebuyers-have-regrets-heres-what-you-need-to-know-before-you-buy?placement=WTRN1&amp;utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_put+in+that+offer\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:put in that offer\" class=\"link\">put in that offer<\/a><\/p>\n<\/li>\n<li>\n<p>&#8216;Remarkable reversal&#8217;: President Biden just (quietly) scaled back student loan forgiveness \u2014 and the change could impact up to 1.5M borrowers. <a href=\"https:\/\/moneywise.com\/loans\/student-loans\/biden-scales-back-student-loan-forgiveness?placement=WTRN2&amp;utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_Are+you+one+of+them%3F\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Are you one of them?\" class=\"link\">Are you one of them?<\/a><\/p>\n<\/li>\n<li>\n<p>House Democrats have officially drafted a bill that bans politicians, judges, their spouses and children from trading stocks \u2014 but here&#8217;s what they&#8217;re still <a href=\"https:\/\/moneywise.com\/news\/investing\/democrats-introduce-bill-against-stock-trading?placement=WTRN3&amp;utm_source=syn_oath_mon&amp;utm_medium=Z&amp;utm_campaign=23423&amp;utm_content=oath_mon_23423_allowed+to+own+and+do\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:allowed to own and do\" class=\"link\">allowed to own and do<\/a><\/p>\n<\/li>\n<\/ul>\n<p><em>This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden says he&#8217;ll release 10 million more barrels from the dwindling &#8216;oil piggy bank&#8217; after OPEC&#8217;s production cuts \u2014 but this is the big risk with more withdrawalsIn an effort<\/p>\n","protected":false},"author":1,"featured_media":1680003,"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-1680001","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\/1680001","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1680001"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1680001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1680003"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1680001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1680001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1680001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}