President Biden’s attempt to bring down gasoline prices with the largest SPR release in history has backfired.
Although the SPR has been used infrequently for “emergencies”, it has been used frequently by politicians seeking to influence gasoline prices in election years.
This crude oil is stored in underground salt caverns at four major oil storage facilities in the Gulf Coast region of the United States. There are two sites in Texas and two sites in Louisiana.There was once a period during which the U.S. was heavily dependent upon OPEC for oil imports. Just a few years ago, OPEC was responsible for about 40% of the oil we imported. Today that has declined to about 10% as a result of the resurgence of U.S. oil production.
“SPR oil is sold competitively when the President finds, pursuant to the conditions set forth in the Energy Policy and Conservation Act , that a sale is required. Such conditions have only existed three times, most recently in June 2011 when the President directed a sale of 30 million barrels of crude oil to offset disruptions in supply due to unrest in Libya.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deep OPEC Output Cuts Upend Biden’s Attempt To Lower Oil Prices | OilPrice.comIn an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve in U.S. history.
Read more »
The Next OPEC-Like Cartel Could Be In Battery Metals | OilPrice.comThe world’s largest nickel miner, Indonesia, is considering the idea of forming a cartel to manage the supply of nickel and some other key battery metals, similar to what OPEC does for oil.
Read more »
Biden Says Big Oil’s Windfall Profits Result Of ‘Brutal War’ | OilPrice.comIn an address to the nation on Monday, President Joe Biden raised the specter of a windfall tax on energy companies that refuse to boost domestic production to bring down oil and gas prices which will weigh on midterm elections on November 8th.
Read more »
“Purely Outrageous”: Biden Blasts Russia’s Withdrawal From Grain Export Deal | OilPrice.comRussia resumed its military blockade of Ukrainian ports on October 30, halting the supply of grain supplies largely headed to low-income nations and reigniting fears of a spiral in global food prices.
Read more »
East Coast Diesel Prices Are Soaring | OilPrice.comEast Coast retail diesel prices are soaring relative to the rest of the country, propelled by inventories in the region that are almost half of what they normally should be at this time of year
Read more »