Why Biden Sent American Oil To China
Reuters reports that the U.S. sent 5 million barrels of oil to China, India, and Europe last month. Why?
For weeks, President Joe Biden has pointed to his release of oil from the Strategic Petroleum Reserve as proof that he is doing all he can to lower gasoline prices for Americans. The Strategic Petroleum Reserve is a stockpile of oil maintained by the United States Department of Energy, the largest of its kind in the world, held in underground tanks in Texas and Louisiana.
On June 22, Biden said, “I know my Republican friends claim, we're not producing enough oil and I'm limiting oil production. Quite frankly, that's nonsense,” said Biden. “I've added to that supply of oil by releasing a record 1 million barrels of oil per day from what's called the Strategic petroleum reserve.”
But now it turns out that over 5 million barrels of that oil went to China and other nations last month, even as gasoline prices hit record highs. Some shipments went to India and others went to Italy.
It almost sounds like a conspiracy theory. Why in the world would Biden be sending American oil to China, America’s greatest geopolitical rival, at a time of oil and gasoline shortages?
But it’s not a conspiracy theory. Reuters broke the story using official data as well as anonymous sources. And the Biden administration confirmed it.
Not only that, but the shipment of U.S. oil overseas may have contributed to higher gasoline prices. “The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices,” noted Reuters. "Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened,” said an oil industry analyst, “but at the same time, it isn't really having the effect that was assumed.”
The revelation will no doubt be fodder for Biden’s “Republican friends” who have been attacking Biden for restricting oil and gas production, which he has, in fact, done. Every drop of oil in the Strategic Petroleum Reserve (SPR) is considered precious. And Biden has been rapidly draining it: last month, the SPR fell to its lowest level in over 35 years.
What exactly is going on? Why is Biden taking actions that not only appear contrary to America’s national interest but also to Biden’s political interests?
“We’re Going to End Fossil Fuel”
