Kevin Bae

Non-Social in a Socially Networked World

President Biden to release 9 days’ worth of oil from strategic reserves… over the next 6 months

It’s time we stop pretending releasing oil from strategic reserves does anything other than make people think something is being done. The United States consumes over 20 million barrels of oil per day.

The United States consumes an average of 20.6 million barrels of oil a day. Forty percent of that — 9.1 million barrels — is used to power motor vehicles.

U.S. and Global Oil Consumption | American Experience | Official Site | PBS

President Biden is proposing releasing 180 million barrels over the next 6 months. That’s adding a little more than one day’s worth per month. This will have zero impact on prices. Stop the madness.

President Biden plans to tap up to 180 million barrels of government oil reserves starting in May to help tamp down near-record high fuel prices, an unprecedented government intervention into oil markets at a time of international crisis.

The decision to release oil from the U.S. Strategic Petroleum Reserve—an expected average of 1 million barrels daily—was made by the president after consulting with allies and partners, the White House said.

Biden to Tap Oil Reserves in Bid to Tame High Fuel Prices – WSJ