With all this great news wonder why biden released oil reserves to get prices down that were already at 2.00 when he took office… What changed at that time, if I may ask??? And here's your own CNN. Now be sure to read between the lines for some truth.., lolol
CNN)President Joe Biden on Tuesday announced the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season, but it will be weeks before the barrels hit the market.
The Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, according to the White House -- the largest release from the reserve in US history, Biden said.
Biden on Tuesday noted that the administration's actions "will not solve the problem of high gas prices overnight."
The release is aimed at addressing the lack of oil supply around the world, but its actual effect may be limited. In 2019, US petroleum use averaged approximately 20.5 million barrels of oil per day and in 2020 the US used on average about 18.1 million barrels per day, according to the Department of Energy's Energy Information Administration. The EIA reports petroleum usage was lower in 2020 due to the Covid-19 pandemic.
The barrels of oil involved in Tuesday's announcement will not hit the market until "mid to late December, depending on market take up," according to a senior administration official.
"We're taking action. The big part of the reason Americans are facing high gas prices is because oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally, globally, for oil," Biden said during remarks at the White House.
This release will be in coordination with several other countries, including China, India, Japan, the Republic of Korea and the United Kingdom. Officials believe the coordinated effort could potentially have more of an effect on lowering gas prices.
As of Friday, there were 604.5 million barrels of oil in the Strategic Petroleum Reserve, according to the Department of Energy.
The move comes as the White House faces mounting pressure to lower skyrocketing prices at the pump that are contributing to the biggest inflation spike in decades, causing frustration and anger among Americans. <smip>
https://www.cnn.com/2021/11/23/politics/biden-oil-reserves-gas-prices/index.htmlWith all this great news wonder why biden released... (