Hey, Joe Why Are We Providing China With Oil From Our Reserves.

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  1. Sharlee01 profile image87
    Sharlee01posted 22 months ago

    https://hubstatic.com/16062366.jpg
    Millions of barrels of oil released last month from the Strategic Petroleum Reserve by President Joe Biden went to foreign nations, including China, according to Reuters.

    Biden ordered the release of 50 million barrels of oil from the Strategic Petroleum Reserve last November,  30 million barrels on March 1, and 180 million barrels on March 31, saying the “historic” actions would ease the pressure Americans faced at pumps. Since November gas prices have steadily increased from $3.43 to what we are seeing at the pumps today an average of $4.78

    The Strategic Petroleum Reserve is scheduled to continue to release one million barrels a day through October, even as the Strategic Petroleum Reserve has fallen to its LOWEST level since 1986, according to Reuters. U.S. crude inventories are at their lowest since 2004, according to the report.

    “These releases will put more than one million barrels per day on the market over the next six months, and will help address supply disruptions caused by Putin’s further invasion of Ukraine and the Price Hike that Americans are facing at the pump,” Biden said in April when announcing the release.

    But it turns out millions of barrels have been exported to Europe and Asia, China, and other nations, according to Reuters.

    Cargoes of crude oil have been shipped to the Netherlands, a Reliance refinery in India, and China, Reuters reported, citing an industry source. China and India have steadily purchased U.S. sour crude oil produced in the Gulf of Mexico, Bloomberg previously reported.

    Matt Smith, lead oil analyst at Kpler, told Reuters that the release of the oil isn’t having the intended effects, Biden had claimed it would.

    “Crude and fuel prices could have been higher if (the Strategic Petroleum Reserve releases) hadn’t happened.  However, at the same time, it has not really had the effect that was assumed,” Smith reportedly said.

    Oil and gasoline prices have increased despite the Strategic Reserve releases. Ranking member of the House Energy and Commerce Committee Cathy McMorris Rodgers and Energy Subcommittee Republican leader Fred Upton demanded answers from the Biden administration recently over how the releases from the Strategic Petroleum Reserves are giving our adversaries “geopolitical leverage.”

    “China ramped up its purchases of crude oil from Russia and the United States to boost its OWN  reserves, even as oil prices surged and President Biden called for a coordinated release,” Republican leaders wrote. “China is reportedly in talks with Russia to buy even more oil for its strategic reserves, while the United States and the E.U. pledged to ban Russian imports.”

    “As a result, China may now control the world’s largest stockpile of oil, with total crude inventories estimated at 950 million barrels,” the letter continued.

    Source ---  https://dailycaller.com/2022/07/06/repo … -in-china/

    Any logical thoughts ...

    Will Biden's decision to drain our oil reserves hurt or ultimately hurt America?

    Do you feel we are at this point in the position to be selling our oil reserves to China or any other Nation, with our reserves at the  LOWEST level since 1986?

    July 5, 2022,
    https://www.reuters.com/business/energy … 022-07-05/
    https://www.usnews.com/news/top-news/ar … -stay-high

    1. profile image68
      KC McGeeposted 22 months agoin reply to this

      We must not forget. China paid Hunter Biden four years ago for the oil they are getting now. Just ask Joe.

  2. Kathryn L Hill profile image78
    Kathryn L Hillposted 22 months ago

    “As a result, China may now control the world’s largest stockpile of oil, with total crude inventories estimated at 950 million barrels,” the letter continued.


    Oil that we paid for.
    He has no right to sell our oil.

    Its called theft.

    and why? because he is beholden to China?

                  He should be beholden to

          ------------->   U S !!!!!!!!!!!!!!!

    1. Kathryn L Hill profile image78
      Kathryn L Hillposted 22 months agoin reply to this

      AND HE IS NOT

      1. Sharlee01 profile image87
        Sharlee01posted 22 months agoin reply to this

        Funny, ultimately Biden more or less opened up a "quasi" pipeline to not only Russia, but with his latest big blunder he opened a form of a pipeline for American oil to end up in  China.

        And this scam seemed to be bought up hook line and sinker by some.

        I mean Joe said he was opening up our reservice to help make gas prices go down... He certainly did not say anything about selling our oil to China.

    2. Sharlee01 profile image87
      Sharlee01posted 22 months agoin reply to this

      Hi Kathryn, missed you... Yes, China has been increasing oil purchases since February 27, 2022. Purchasing some of what the US exported starting in Mar 2022. It is very much possible they are or will hold one of the largest oil reserves in the world.

      1. Kathryn L Hill profile image78
        Kathryn L Hillposted 22 months agoin reply to this

        Thanks, Sharlee.

        I am glad you continue to tend to reality. 
        Tending to reality rather than pretending to illusion will help us to insure domestic tranquility for Ourselves and the Nation.

  3. Sharlee01 profile image87
    Sharlee01posted 22 months ago

    GOP hammers Biden for allowing emergency oil reserves to go to China: 'compromising our energy security'

    The top Republican on the House Energy and Commerce Committee says Americans 'deserve answers' on China receiving oil from U.S. stockpiles
    ""The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security," House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers told Fox News Digital in a statement.

    "President Biden needs to remember that our strategic energy reserves are for emergencies, not to cover up bad policies. America needs to flip the switch and increase our capacity to produce and refine oil here at home," she continued. "Now is not the time to use our strategic stockpile.

    McMorris Rodgers and Rep. Fred Upton, R-Mich., the top Republican on the panel's energy subcommittee, penned a letter to Energy Secretary Jennifer Granholm in early June, demanding information about how the administration's SPR policy was emboldening China. The two GOP leaders noted similar reports that China had purchased oil from U.S. emergency reserves to bolster its own stockpile.

    McMorris Rodgers told Fox News that the committee has still not received a response from Granholm on the administration's "mismanagement" of U.S. oil stockpiles. "What do they have to hide?" she added."

    Nothing to hide, they do all the sh-t in open view.  This administration is out of control, and it is apparent this latest "sell our reserve oil scam",  has jumped bit them in the butt.

    Just another example of poor decision-making, to try to fix a problem they created.

    https://www.foxbusiness.com/politics/go … rity"

  4. abwilliams profile image68
    abwilliamsposted 22 months ago

    Well stated Kathryn! Amen and hear, hear!

    1. Sharlee01 profile image87
      Sharlee01posted 22 months agoin reply to this

      Just posted a thread "Rising Gas Prices High Inflation And Our Pending Elections" Hope you will join two in.

  5. Stephen Tomkinson profile image91
    Stephen Tomkinsonposted 22 months ago

    https://factcheck.afp.com/doc.afp.com.32E34BY
    Nothing to do with Biden. If you want to apportion blame, blame the much-vaunted free market economy.

    1. Sharlee01 profile image87
      Sharlee01posted 22 months agoin reply to this

      Yoru article is innfromative. However, it misses the mark of my OP. I am more concerned about the fact America as well as some other nations are making an attempt to replace oil on the open market with strategic reserve oil.

      They are trying to keep up with the demand that is not being filled by Nations such as America and OPEC. Both refused to change their plans to accommodate the need to bring oil prices down.

      It is not a practice for Nations to sell the amounts of reserve oil that are being added to the market (yes all times sell their reserves in small amounts, but we are witnessing a precedent.

      It appears the oil companies, as well as OPEC, will not compromise their business plans to accommodate bringing oil prices down.

      This is my concern, not the fact that yes, at times reserves are sold, and yes I am educated about the open oil market, and how it works.

      At this point a precedent is being set, we are proposing up the oil market with oil reserves mostly with US oil, but some from other countries. Which I would think will be pulling away from cooperating with such a plan, as we see after months has worked very little.

      And I disagree, Biden is the leader who derived this plan and talked several other countries into coming along for the ride.

      If our oil companies and OPEC can not be persuaded to pump more oil we are not in any respect going to be able to prop up the global oil market. The entire world will see the problem I see today. We could not prop up the oil market with reserves. for much longer.

      So, I guess we will need to agree to disagree.  Your article does not address the esseence of my OP.

  6. Stephen Tomkinson profile image91
    Stephen Tomkinsonposted 22 months ago

    Hi Sharlee. It isn't the first, nor will it be the last, time that we shall have to agree to disagree:)

    1. Sharlee01 profile image87
      Sharlee01posted 22 months agoin reply to this

      And I still, and will remain grateful that you share your view.  You always add great points and sources.

  7. Stephen Tomkinson profile image91
    Stephen Tomkinsonposted 22 months ago

    Equally. I suspect that we shall never see eye to eye but you always provide thoughtful and thought-provoking commentary.

  8. Sharlee01 profile image87
    Sharlee01posted 22 months ago

    Could it get worse? Yeah !  The Saudis sent him away empty-handed, and he knows full well the minute our oil reservices stop being sold, we will see a giant spike in gas prices, as well as even higher home utilities. So old Joe pulls out an even bigger bandaid and sells more of the US oil reserves.    What if our grid goes down? Oh well, when it rains it pours.

    White House announces sale of additional 20 million barrels of oil from Strategic Petroleum Reserve, This is the Biden administration's fifth announced sale of oil from Strategic Petroleum Reserve

    "The White House announced Tuesday that the Department of Energy will be issuing a notice to sell 20 million more barrels of oil for the Strategic Petroleum Reserve as part of the Biden administration's effort to bring gas prices down.

    This makes the fifth such sale that President Biden has authorized. The White House continued to blame "disruptions posed by Russia’s invasion" for the high prices while claiming that the Biden administration's actions are making a tremendous difference.

    "In fact, the Department of the Treasury estimates that as a result of these drawdowns both domestically and internationally, the price at the pump for Americans is up to about 40 cents per gallon lower than it otherwise would have been," the White House said in its announcement.

    While gas prices are down significantly since a recent national average price of more than $5 per gallon in June, the average as of Tuesday was still $4.327, compared to $3.156 from one year ago, and approximately $2.39 when Biden first took office in January 2021.

    Republicans slammed the White House after previous sales from the Strategic Petroleum Reserves after it was made known that millions of barrels were being sent to European and Asian countries, including China.

    "The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security," House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers told Fox News Digital in a statement.

    The White House also announced that the Department of Energy is proposing a rule change regarding how the federal government acquires oil for the strategic reserve. The new rule, if adopted, would permit fixed-price contracts as well as index-price contracts. The current rule requires purchase prices to be set by a price index, with the price paid being based on market prices at the time of delivery."  https://www.foxbusiness.com/politics/wh … um-reserve

    Oh well. Biden needs votes so let's get those gas prices down.
    Problem-solving at its very worse.  However, I see a very shiny silver lining for Republicans when Biden makes such huge blunders.

    1. wilderness profile image93
      wildernessposted 22 months agoin reply to this

      Just a random thought, but what will the price of gasoline do when Good 'ol Joe begins to buy oil to replenish the reserves?  Or will he just leave it depleted, pretending we don't need a reserve at all?

      1. Sharlee01 profile image87
        Sharlee01posted 22 months agoin reply to this

        I would not think oil prices will drop no time soon. But I don't think Biden cares about what he might pay to replenish the reservice. I would think he will leave that problem for the next president.  And I am sure he could make a silk purse out of the ear of a sow if need be.

        This man has really bad karma, so I would almost say something may happen that we need to tap reserves and we will be down to fumes.

 
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