The Biden administration is releasing 50 million barrels of oil from the nation’s Strategic Petroleum Reserve to lower gas prices. It’s allegedly to help Americans, but like the releases over the past two months, some of it is not going to Americans.
A total of 18 million barrels are expected to be sold to China and India, according to Fox Business. Energy Secretary Jennifer Granholm claims that the congressionally-approved sale of those 18 million barrels will help drive down U.S. oil prices, presumably by offsetting international oil shortages.
That won’t happen of course. It’s a fallacy to think that this will control global supplies.
Other nations tapping their oil reserves include China, the U.K., Japan, India, and South Korea, Fox Business reported.
Granholm suggests our problems stem from relying on a volatile energy supply. This is after Donald Trump achieved energy independence.
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