By Roger Oberbeck : Published July 25. 2022
America’s Strategic Petroleum Reserve holds about 605 million barrels of oil in underground salt caverns in Texas and Louisiana. It was created following the 1970s Arab oil embargo to store oil that could be tapped in an emergency.
It has fallen to the lowest level since 1985 due to Biden’s policies.
The Biden Administration has sold more than 5 million barrels (8%) of oil from the SPR to China and European countries. Biden has released approximately 260 million (43%) barrels of oil from the SPR in the past eight months to fight record fuel prices at the pump. Selling the SPR to China and others does not lower the cost of gasoline. It does make one wonder what kind of hold on Biden by Communist China could make him give our emergency oil reserves to them, which compromises our national and energy security. Or is this incompetence pure and simple? Could this be part of the $17 million deal between Hunter Biden and the Communist China Company Sinopec? The Biden administration sold 950,000 barrels of United States Strategic Reserve oil to Communist China’s Sinopec, that Hunter Biden had business dealings with – the same company with which Hunter Biden had business dealings.[...read more]