US Emergency Oil Reserves Fall to 25 Days as Biden Releases More Crude Into Market

The Epoch Times Header

U.S. President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data show.

According to the Department of Energy, inventories in the Strategic Petroleum Reserve (SPR) declined by 6.9 million barrels in the week ending on June 24. Federal government data show that 6 million barrels of sour crude and nearly 1 million barrels of sweet crude were injected into the energy market during this span.

In total, the world’s largest emergency supply of crude oil stood at 497.9 million barrels, its lowest level since April 1986.

With the U.S. consuming close to 20 million barrels per day, based on the Energy Information Administration’s (EIA) 2021 estimate, the country still maintains a 25 days supply.

At this rate, the SPR will shrink to its lowest level in 40 years by the fall, as its supply is dwindling faster than the output of some medium-sized countries that are a part of the Organization of the Petroleum Exporting Countries (OPEC), including Algeria and Angola.

The petroleum reserve was established in 1975 following the 1973–1974 oil embargo. The U.S. government wanted to prevent future supply disruptions, so it initiated the world’s largest known emergency supply, with underground tanks being located in Louisiana and Texas.

Tapping Into Stockpiles

According to the Energy Policy and Conservation Act, the president has the authority to order crude releases from the reserve if he declares “a severe energy supply interruption” that could threaten the economy or national security.

Some lawmakers have proposed restricting releases unless Congress approves legislation or a joint resolution.

The White House has been tapping into these stockpiles to help stabilize the global energy market and bring down oil prices. In November, Biden released 50 million barrels of crude from the reserves. Two months later, the administration authorized the release of more than 13 million barrels.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

A Simple Question

What is a woman? Anyone with an IQ above room temperature can answer the question. Everyone, that is, except Democrats.

Democrats Tesla Takedown is a Proven Astro Turf Movement

Elon Musk and other journalistic leaders like Joe Rogan have been asking the critical question, “Who is behind the organization of these Tesla protests?”

Can Ramaphosa and Trump Come to Terms?

Whether South Africa can quell the hostility emanating from Washington, without compromising on its national priorities, is a formidable test for a country

Maddened Europe

Viable prospects for peaceful settlement of conflict between Moscow and Kyiv exist, but Europe obsesses over threat of incursion onto European territory.

BOMBSHELL: DOGE Proves Democrats Guilty of Election Fraud!

As the old expression goes, “That didn’t take long!” Over...

News

FTC Chairman Raises Concerns Over Sale of 23andMe DNA Data

FTC said it was worried about the safety of the personal data of Americans who were previously customers of genetic testing company 23andMe.

Judge Dismisses COVID Lawsuit Against Former New York Gov. Cuomo

Judge dismissed class-action lawsuit against former Gov. Andrew Cuomo that blamed his admin for COVID-19 deaths in nursing homes across NY.

Tesla Firebombing Suspect Hit With Federal Charges

The U.S. Dept of Justice has filed federal charges against a suspect in connection with a firebombing attack on a Tesla dealership in Loveland, Colorado.

What to Expect From Trump’s Global Tariffs

Trump has dubbed April 2 “Liberation Day,” when he will unveil reciprocal tariffs to level the trading field between the United States and its 200 partners.

Voters Head to Polls in 3 Key Elections in Florida, Wisconsin: What to Watch For

On April 1, voters head to the polls for three races in Florida and Wisconsin, with substantial implications for the future beyond the current contests.

DNC, Schumer Sue Trump Over Order Targeting Illegal Immigrant Voting

DNC and two top U.S. lawmakers sued President Trump over a recent EO that aims to enforce the law against illegal immigrant voting and election dates.

Court Halts Trump Admin’s Move to Revoke Protected Status of Venezuelans

Federal judge in CA put a pause on the Trump admin’s plan to terminate TPS of 350,000 Venezuelan immigrants, whose legal status was set to expire on April 7.
spot_img

Related Articles

Popular Categories

MAGA Business Central