A troubling new report has revealed that President Joe Biden has been draining oil from the United States’ Strategic Petroleum Reserve (SPR) and shipping it off to a number of countries – including China.
As the country continues to face one of its worst fuel crises in history thanks to Joe Biden, the president has looked to the SPR as a temporary solution.
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, but the reality is the president has been funneling heavy amounts of the American reserves to foreign nations.
According to Reuters, Biden has drained the SPR to its lowest level since 1986 and at least 5 million barrels from the supply have been sent to Europe and Asia.
American oil refiner Phillips 66, for instance, shipped 470,000 barrels of sour crude from Texas to Trieste, Italy, while Atlantic Trading & Marketing (ATMI) — a division of French entity TotalEnergies — exported two cargoes of 560,000 barrels each.
Meanwhile, the outlet claimed that even more crude oil was sent to China, India, and the Netherlands according to industry sources.
The White House once again played dumb when asked about the report, with Press Secretary Karine Jean-Pierre saying that she was not aware of the matter and needed to “look into it.”
Fuel costs have been on the rise in America since Biden became president, but the Democrats have focused their efforts on placing blame solely on the conflict in Ukraine while continuing to attack our domestic producers here at home.
Biden has condemned oil companies and gas stations alike – claiming that they are taking advantage of the crisis to make an exorbitant profit.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote in a recent letter to seven oil and gas companies. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
To gas stations, which run on notoriously low margins, the president said, “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden said on social media. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
Analysts at JPMorgan Chase, meanwhile, are warning that oil prices could triple to $380 a barrel should Russia decide to cut back on production intentionally to disrupt the market, adding that the United States is particularly vulnerable to serious fluctuations thanks to Biden’s energy policy.
