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Syndication: The Courier-Journal
(77WABC) — A new report says millions of barrels of oil President Joe Biden released from the United States’ strategic petroleum reserve aren’t benefiting the U.S.
According to a report from Reuters, instead the oil was shipped to European and Asian nations, including China. This comes as U.S. oil production at — 11.6 million bpd — is 1.4 million bpd short of pre-pandemic production.
The shortfall is a major factor that led to the run-up of oil and gasoline prices over the past year.
Biden has frequently touted the release of one million barrels of oil per day as an “unprecedented” move to “provide a historic amount of supply” as Americans face surging prices at the pumps.
