The United States' strategic oil reserves fell to a 37-year low as President Joe Biden continues to release millions of barrels of oil and put them up for sale.
- According to the latest report from the Department of Energy, the U.S. Strategic Petroleum Reserve (SPR) fell to 453.1 million barrels as of Aug. 19. This is the lowest level the SPR has been since Jan. 1985.
US keeps selling oil to Asia, especially to China
- Tens of millions of barrels from the Strategic Reserves are going to Asia in record amounts
- Buyers from China, India and South Korea have picked up more than 20 million barrels
- Chinese corporations have received most of the sold-off American oil
- Sinopec, a Beijing-based oil and gas corporation, received 5.9 million barrels in total
- Sales to Unipec appear to fall in the lower price range among the government's successful buyers of the SPR, with the latest contracts showing that oil was sold between $7.95 to $5.6 cheaper than market prices
Other related stories
- 'Tsunami' of electricity shut-offs coming for millions of Americans behind in their utility payments thanks to Bidenflation
- China-compromised ESG firm expands its reach in Biden White House
- Hedge funds buy up petroleum distillates amid diesel and heating oil shortages
- Biden administration sold close to one million barrels of strategic reserve petroleum to Chinese corporation connected with Hunter Biden
https://www.naturalnews.com/2022-08-30-us-oil-reserves-37-year-low-biden.html
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