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Biden to release oil from the strategic petroleum reserve

Seems a little contradictory to try to mitigate inflation by releasing oil from the reserve while signing, and hoping to sign, trillions of dollars in stimulative new spending that will spur inflation.

According to the Wall Street Journal:

The U.S. and several other countries will tap their national strategic petroleum reserves, senior Biden administration officials said Tuesday, in an attempt to bring down gasoline prices that have become a big contributor to inflation.

Other countries participating in the release include China, India, Japan, South Korea and the U.K., the White House said. The U.S. will release 50 million barrels, officials said.

“The president stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic,” the White House said in a statement.

Officials didn’t specify when they expect consumers to see lower prices at the pump, though they noted there is usually a lag between increased oil supplies and when retail prices fall. “We expect the industry to be passing through these savings to consumers as quickly as possible,” an official said.

Global benchmark Brent crude added 0.2%, trading at $79.91 Tuesday morning after the announcement.

7 thoughts on “Biden to release oil from the strategic petroleum reserve”

  1. With full acknowledgment that I know little about crude oil, refinement or exploration, I make the following comment from ground level: Biden’s first Presidential move was to kill a pipeline and many drilling sites. Then he begged OPEC to pump more oil ( Guess their climate is not as important as ours). Then he moved on to his green agenda. He flew an entourage of 80+ staff vehicles to Glasgow to chit chat about climate, where they achieved a big goose egg. Over those 9 months, retail gasoline rose by 40%+. Finally, some knumbnut in his office says, hey, gas is going crazy, people are getting mad. So Reactionary Joe decides to release federal oil reserves, normally held for a crisis. We DO NOT have a gas shortage, we have an INTELLIGENCE shortage. Just go back, open the drilling, watch the crisis go away. And another thing, just exactly HOW does Biden think those reserves will get replenished. Oiy frickin vey. And the topper is that JB aligns with other nations in their joint decision to release from national reserves… IF doing this in unison with other nations makes it somehow more acceptable. It’s like when a kid gets caught doing something wrong and says, ” well ma, all the other kids were doing it…”

    I just pray none of my relatives bring up Biden on Thursday…

    Sorry for being so verbose.


    1. Very well stated Harv. Living in the mountains of Southern California, our premium fuel is at 5.20.9 per gallon. Needless to say that only driving for necessities is the order of the day. Sleepy Joe is literally driving our country down the drain while he is now vacationing in Nantucket along with Hunter and family. What is this junket cost the American tax payers? JMHO.

  2. 50 Million Barrels seems big….. in 2020 the daily usage in the USA was over 18 Million Barrels a day — not even 3 whole days of consumption….

    And they are strategic reserves….

    Idiots think that the laws of economics can be changed…. I laugh at them all

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