Strategic Petroleum Reserve being reduced by 1 million barrels daily.
Since March 31, the United States is releasing 1 million barrels of oil per day from its strategic reserves to decrease gas prices and fight inflation, according to an order issued on that date by President Biden. New information now shows that more than 5 million barrels of oil from that release were shipped overseas last month, even as domestic energy prices reached record highs and inflation continued to surge.
The fuel was exported to Europe and Asia. A spokesperson for the Department of Energy said, “The [Strategic Petroleum Reserve] remains a critical energy security tool to address global crude oil supply disruptions.” The release to overseas nations, he added, helped stabilize the supply of oil, with shipments to the Netherlands, India, and China. Another ship is expected to carry American reserve oil overseas later this month.
By the end of the president’s six-month release order, the White House will have tapped 260 million barrels from the energy reserves within two years of assuming office, leaving the stockpile at its lowest level since 1986.
The Strategic Petroleum Reserve is intended to be an emergency stockpile of petroleum maintained by the Department of Energy. It was established in 1973 and is the largest stockpile of crude petroleum in the world.
As the Lord Leads, Pray with Us…
- For U.S. energy officials to be discerning about this nation’s need and capacity for oil.
- For the president and his administration to seek God’s wisdom regarding energy policy and production.
- For God to accomplish His will in the United States and around the world.
Sources: Reuters, The Federalist, Wikipedia
