{"id":1702359,"date":"2022-10-19T12:04:15","date_gmt":"2022-10-19T16:04:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1702359"},"modified":"2022-10-19T12:04:20","modified_gmt":"2022-10-19T16:04:20","slug":"biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms\/","title":{"rendered":"Biden To Release More Oil From Strategic Reserve Ahead Of Midterms"},"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-to-release-more-oil-from-strategic-reserve-ahead-of-midterms%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=1702359&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 <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">White House<\/a> announced on Tuesday that President Joe Biden would release 15 million barrels of <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\" target=\"_blank\" rel=\"noopener\">oil<\/a> from the <a href=\"http:\/\/dailywire.com\/topic\/strategic-petroleum-reserve\" target=\"_blank\" rel=\"noopener\">Strategic Petroleum Reserve<\/a>.<\/p>\n<p>The national average price for gasoline is currently $3.85 per gallon, according to <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener\">data<\/a> from AAA, marking a nearly 62% increase since Biden assumed office at the beginning of last year. In response to the rising prices, Biden announced in March that his administration would release 180 million barrels from the Strategic Petroleum Reserve, a stock of emergency crude oil created to manage supply disruptions in energy markets. Transactions for the final 15 million barrels will clear by the end of December.<\/p>\n<p>\u201cGlobal crude oil supply flows remain a challenge, due in large part to the ongoing instability caused by Russia\u2019s actions in Ukraine,\u201d the White House said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/10\/18\/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cThe President is prepared to authorize significant additional sales in coming months if conditions require.\u201d<\/p>\n<p>West Texas Intermediate, the American benchmark for crude oil, was nearly $85 per barrel as of Wednesday morning after a decline on Tuesday afternoon. The White House noted that officials \u201cwill not hesitate\u201d to use the Strategic Petroleum Reserve or other tools \u201cto shore up the global supply of energy, support domestic inventory levels, and bring prices down for Americans.\u201d<\/p>\n<p>Biden plans to repurchase crude oil at prices that could range between $67 per barrel and $72 per barrel. According to the White House, the move will \u201cprotect taxpayers and help create certainty around future demand for crude oil.\u201d Two years ago, however, former President Donald Trump attempted to stabilize the energy sector by filling the Strategic Petroleum Reserve with oil priced at $24 per barrel, a <a href=\"https:\/\/www.dailywire.com\/news\/biden-could-refill-strategic-oil-reserve-at-80-per-barrel-democrats-blocked-trump-when-oil-was-24\" target=\"_blank\" rel=\"noopener\">rock-bottom rate<\/a> that occurred as a result of worldwide lockdowns. Democrats blocked the measure amid broader stimulus package negotiations.<\/p>\n<p>Biden has <a href=\"https:\/\/www.dailywire.com\/news\/biden-could-refill-strategic-oil-reserve-at-80-per-barrel-democrats-blocked-trump-when-oil-was-24\" target=\"_blank\" rel=\"noopener\">presided over a decrease<\/a> in the Strategic Petroleum Reserve from 638 million barrels to 409 million barrels, according to <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=WCSSTUS1&#038;f=W\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Energy Information Administration. When one reporter questioned White House Press Secretary Karine Jean-Pierre this week on why the release was necessary since gas prices are trending downward, as the administration asserts, she <a href=\"https:\/\/www.dailywire.com\/news\/white-house-press-secretary-claims-americans-are-saving-on-gas-under-biden\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that Americans would receive \u201ca little bit of breathing room\u201d as a result of the policy.<\/p>\n<p>\u201cPresident Biden has said for months how he is committed to doing everything that he can in his power to address Putin\u2019s price hike,\u201d Jean-Pierre said. \u201cHe has said this on almost every speech that you\u2019ve heard him talk about when it comes to gas prices and what the American people are seeing and feeling at the pump. And he\u2019s been delivering on that.\u201d<\/p>\n<p>Although the release is primarily intended to cut domestic energy prices, at least 5 million barrels from the Strategic Petroleum Reserve have <a href=\"https:\/\/www.dailywire.com\/news\/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries\" target=\"_blank\" rel=\"noopener\">found their way<\/a> to nations such as India, the Netherlands, and Italy, as well as a Chinese oil company with <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-sold-nearly-1-million-barrels-of-oil-to-chinese-state-owned-company-tied-to-hunter-biden\" target=\"_blank\" rel=\"noopener\">links<\/a> to Hunter Biden.<\/p>\n<p>The economy and inflation are salient issues among voters preparing to cast ballots in the midterm elections, with 84% considering the former to be a top factor on their minds. The Republicans lead the Democrats by a 16% margin and a 19% margin with respect to trust on handling the economy and inflation, respectively, according to a recent <a href=\"https:\/\/www.dailywire.com\/news\/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy\" target=\"_blank\" rel=\"noopener\">poll<\/a> from ABC News and The Washington Post.<\/p>\n<p>The government of Saudi Arabia <a href=\"https:\/\/www.dailywire.com\/news\/bidens-threat-after-saudis-nix-midterm-friendly-oil-plan-looks-like-quid-pro-quo-says-shapiro\" target=\"_blank\" rel=\"noopener\">released a statement<\/a> last week claiming that Biden had asked the kingdom to avoid a decrease in oil production until after the American elections. Earlier this month, Biden reportedly began preparing to <a href=\"https:\/\/www.dailywire.com\/news\/biden-to-ease-sanctions-on-socialist-venezuela-releases-maduros-convicted-narco-trafficker-nephews\" target=\"_blank\" rel=\"noopener\">ease sanctions<\/a> on Venezuela so that Chevron, an American oil company, could resume production in the socialist nation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House announced on Tuesday that President Joe Biden would release 15 million barrels of oil from the Strategic Petroleum Reserve. The national average price for gasoline is currently $3.85 per gallon, according to data from AAA, marking a nearly 62% increase since Biden assumed office at the beginning of last year. In response &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1702359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1702359","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=1702359"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1702359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890495"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1702359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1702359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1702359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}