In an attempt to reduce gas prices, the Biden administration keeps draining the Strategic Petroleum Reserve of oil barrels.
Tuesday’s announcement by the White House stated that 20 million additional barrels will be released to the public by the Department of Energy.
According to the DOE, this statement said:
The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced an additional Notice of Sale of up to 20 million additional barrels of crude oil from the Strategic Petroleum Reserve (SPR). This Notice of Sale is part of President Biden’s announcement on March 31, 2022 authorizing the sale of crude oil from the SPR to address the significant market supply disruption caused by Putin’s war on Ukraine and help lower energy costs for American families.
The President’s announcement called to release one million barrels of SPR crude oil per day over six months. This record breaking release of SPR crude oil has supplied a huge amount of crude oil to the U.S. and will continue up until October 2022.
DOE intends to release from the SPR up to 2.8million barrels sour oil and 17.2million barrels sweet oil. This totals 20,000,000 barrels. Deliveries will be made from September 16 to October 21 2022. DOE must be notified of any bids by August 2nd, 2022 at 10:00 Central Time. Successful bidders will receive contracts no later than August 11th, 2022.
The original purpose of the SPR was to preserve oil for a natural catastrophe or attack on the homeland. However, this administration decided that it is a more effective solution than just drilling for oil on American soil.
“This marks the FIFTH TIME Biden sold oil from our Strategic Petroleum Reserve. Instead of dipping into emergency reserves, Biden should empower American workers & unleash American energy. We are ready, willing and more than able,” Rep. Pete Sauber (R-Minn.) tweeted Tuesday.
This is the FIFTH TIME Biden has sold oil from our Strategic Petroleum Reserve.
Instead of dipping into emergency reserves, Biden should empower American workers & unleash American energy. We’re ready, willing, and more than capable. https://t.co/55dJp7qGDG
— Pete Stauber (@RepPeteStauber) July 26, 2022
The SPR has not yet released the oil. There is also the question of where it’s being sold. RedState’s Bob Hoge reported that the House Republicans are investigating if the United States is exporting some of these barrels to China. According to RedState’s Nick Arama, earlier in July, 950,000 barrels went to Unipec, which is part of the Chinese-government-owned China Petrochemical Corporation. While it may be a small amount in comparison, it’s concerning as a matter of principle that this would even be a possibility.
The White House stated Tuesday that 125 million barrels had “already been sold.”
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