<p>President Joe Biden announced on Tuesday that he would tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil, but that won&#8217;t last long.</p>
<p>The U.S. Energy Information reported, &#8220;In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum.&#8221;</p>
<p>Biden said 32 million barrels &#8220;will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead,&#8221; with the other 18 million authorized for sale via Congress. That means the total amount of oil tapped will be just over 2.5 days worth.</p>
<p>Oil prices have soared to seven-year highs and U.S. retail gasoline cost have hit an average of $3.42 a gallon, also the highest in seven years.</p>
<p>Tapping the reserve doesn&#8217;t solve the production problem. &#8220;Analysts have warned an SPR release would only produce a short-term effect in the market, as it would not increase U.S. production capacity,&#8221; Reuters <a href="https://www.reuters.com/business/energy/oil-prices-rise-with-few-us-government-brakes-available-2021-11-09/">wrote</a>.</p>
<p>On Tuesday, the White House said China, India, Japan, South Korea, and the United Kingdom will also tap into their petroleum reserves as part of a coordinated effort. “This culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices. Over the last several weeks as reports of this work became public, oil prices are down nearly 10%,” the White House said.</p>
<p>Biden&#8217;s move drew praise from senior Democrats, including Senate Majority Leader Chuck Schumer (D-NY).</p>
<p>“President Biden’s announcement is good news for American families and will strengthen our economy,” Schumer said. “Tapping the SPR will provide much-needed temporary relief at the pump and will signal to OPEC that they cannot recklessly manipulate supply to artificially inflate gas prices. Of course, the only long-term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy.”</p>
<p>Prices at the pump have been rising steadily since Biden took office. But GasBuddy.com, a price-tracking website, said Monday that gas prices have fallen for two straight weeks to an average of $3.39 per gallon. Still, gas is $1.30 per gallon higher than a year ago, the site said.</p>
<p>“While there’s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves,” Patrick De Haan, head of petroleum analysis for GasBuddy, said ahead of Biden’s announcement.</p>
<p>And supply is also dwindling.</p>
<p>&#8220;According to data from the Energy Information Administration last week, U.S. crude oil inventories fell 2.1 million barrels and stand 7% below the five year average for this time of year, while domestic crude oil production also saw a slight drop to 11.4 million barrels per day,&#8221; GasBuddy <a href="https://www.wane.com/news/national-world/gasbuddy-prices-at-the-pump-could-fall-for-several-weeks/">reported.</a></p>
<p>&#8220;Gasoline inventories fell by a slight 700,000 barrels and stand 4% below the five year average range, while distillate inventories also declined by 800,000 barrels and stand 5% below the five year average range. Implied gasoline demand, a proxy for retail gasoline demand, fell 18,000bpd to 9.24 million barrels per day. Refinery utilization continued to rally, posting a rise of 1.2 percentage points to 87.9% nationally,&#8221; the website added.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Biden’s Tapping Of Petroleum Reserves Will Provide Just Over 2.5 Days Worth Of Oil

CONTINUE READING

Vegas Family Claims Craft Crashed In Backyard, 9-Foot Aliens Emerged

Endless Pride: British Library Posts About Fish That Can Change Its Sex

Russia Taking Over Ukraine Not A ‘Top Foreign Policy Priority,’ GOP Presidential Candidate Says

America Has Spoken: There Are Two Genders. Period.

NY Times, WaPo Do Cartwheels To Spin Biden’s Clumsy Tumble; Twitterers Shred Them

Here’s The Weirdest Story You’ll Ever Read About Sen. Dianne Feinstein

News and Commentary

Joe Biden

Oil and Gas

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Menu

— News and Commentary —

Biden’s Tapping Of Petroleum Reserves Will Provide Just Over 2.5 Days Worth Of Oil