Report: Oil released from strategic reserve by Biden ended up in China

Americans have been hit hard by high gas prices, and this spring that led President Joe Biden to release oil from the Strategic Petroleum Reserve (SPR) for the second time in his presidency.

Yet as a recent article from Reuters explained, roughly five million barrels of oil ended up going to China along with other foreign countries. 

China reportedly receives oil from SPR

It quoted a Department of Energy spokesperson as saying, “The SPR remains a critical energy security tool to address global crude oil supply disruptions.”

However, it also noted that exports of oil from the SPR are “blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices.”

Matt Smith serves as lead oil analyst at the analytic firm Kpler, and he said,  “Crude and fuel prices would likely be higher if (the SPR releases) hadn’t happened, but at the same time, it isn’t really having the effect that was assumed.”

Reuters cited U.S. Customs data as saying that the refiner Phillips 66 “shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy.”

It went on to point out how crude was “also headed to the Netherlands and to a Reliance (RELI.NS) refinery in India, an industry source said. A third cargo headed to China, another source said.”

Sen. Tom Cotton: Biden tapping reserve to help his “terrible poll numbers”

Biden’s decision to draw on the SPR has been controversial from the start, with Arkansas Sen. Tom Cotton telling Fox News host Laura Ingraham in April that the move is “dangerous.”

“What if, say, Iran, emboldened by a terrible nuclear deal, strikes refineries or production facilities in places like Saudi Arabia, Kuwait or the United Arab Emirates?” Cotton demanded. “What if a major hurricane hits Louisiana and Texas this year? That’s why we have [the reserves].”

“[We don’t have] the Strategic Petroleum Reserve … to float Joe Biden‘s terrible poll numbers and try to help the Democrats limp into a midterm election,” the Republican lawmaker complained, adding, “This is not just a gimmick — it’s dangerous.”

Cotton insisted that the president should boost production by allowing “the oil and gas workers across America to produce the resources that God put underneath our soil.”

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