The Biden Administration will join other governments to collectively deploy 60 million barrels of crude oil from strategic reserves in order to counteract the increased prices caused by Russia’s war.
The US will contribute half the total amount, or 30 million barrels, while Europe and Asia make up the rest.
According to the Washington Examiner:
News of the release comes as prices for oil soared again on Tuesday, with futures for Brent crude climbing to more than $100 a barrel.
In a statement, the White House said the coordinated IEA effort marks yet “another example of partners around the world” condemning Russia’s unprovoked invasion.
Biden “was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump,” White House press secretary Jen Psaki said.
In addition, Psaki added, IEA members agreed to continue monitoring markets and will “consider further releases as necessary. “
“We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin’s actions,” she said. “We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas.”
New of the joint release comes after the OPEC coalition, led by Russia and Saudi Arabia, dismissed calls from Biden last year to increase its supplies more quickly, Bloomberg reported. OPEC meets again Wednesday to discuss its production plans for the month ahead.
This is the first time in over a decade that the IEA has coordinated a release of crude oil.
IF i remember….the last time the hair sniffer did this half or better went on the open market and did not china buy a lot of it. Now will our 30 million only go to our people or again will it go on the open market. Also I saw another post a day or so ago that shits in his pants is paying/buying from russia oil to the amount of 300 billion(a click) If that is correct why are we not starting up our production? Or is he/?/the big one getting 10 percent of this money tool.?
They’re feeling nervous. Anything to bamboozle the sheeple. Don’t fall for it people. Vote RED up and down the ticket. It’s the only way we and the country have a chance.
Again, this second time Biden does this it’s all just for show. He’s already given up any control of oil prices with his own actions since he took office.
The WOKE community come first. They want clean air. Questions how will it affect their business when we can no longer go to work and buy their goods. You do not take a knife to a gun fight.
Well, if anything Bradon is consistent! A totally consistent bonehead move that will do nothing but leave the military short on fuel if China decides we’ve screwed ourselves bad enough that they can take advantage of it. Gotta wonder if that hasn’t been his plan all along.
Whoopee…that’s 60% of the daily needs, and that’s only if it actually makes it to Americans. The last time this was done, if my memory is working correctly, China stepped up and bought most of it. Anyone else remember… what happened when the oil reserve was tapped by Biden?
What a ******* moron —- just open the XL pipeline back up you ******* idiot !!!
The real strategic oil reserve is still in the ground and not yet drilled.
Figure that one out Brandon.
The oil reserve was created to fuel this country in the event of national emergency/war. Fuel prices are not a “national emergency”. The oil in the reserve was bought at much, much lower cost than what it will cost to replenish it, as we must. The oil is not meant to be used as a political tool at the whim of the President.
If we are to aid Ukraine, STOP BUYING RUSSIAN OIL!
That equals 3 days of the oil we use everyday. WHAT A JOKE!!!!
If this FKING MORON, hadn’t shut down the KEYSTONE PIPELINE as his first executive order on Jan 20, WE WOULDN’T NEED A DAMN THING FROM RUSSIA, OR THE SAUDIS! He could MAKE THIS COUNTRY ENERGY INDEPENDENT AGAIN! But, God forbid.. we piss off or trigger the idiot left. They have been doing everything they can to destroy this country as quickly as possible. Finishing off obamanation’s illegal 3rd term.
Why does the USA have to contribute the LION’S SHARE of any “jointly defense issues”? Why can’t the USA contribute a EQUAL SHARE, instead?
Idiots, one and all.
“All the tools are on the table”….except for turning the pipelines back on. What a moron.
So, Plugs prefers to put our security at risk by using our STRATEGIC oil reserves instead of reopening the drilling of our own oil, of which we have much. S T U P I D !!!
A strong nation looks to stand on it’s own 2 feet, and doesn’t rely on nations that hate them. When one puts the cart before the horse before the cart, they have lost their way. Drill baby drill, that worked before, and it will again. You want electric cars good on you. Do it right, put everything in place first, them SLOWLY people will follow you line of thinking. Remove their only means to move about, and it won’t take long before they turn on you.
Can we reopen our pipelines Now
“We are prepared to use every tool available to us to limit disruption to global energy supply…” I’ll believe it when he re-opens the Keystone Pipeline. Biden blowing smoke.
This idiot will drain our oil reserve and leave it empty, it won’t be there when we really need it. We don’t need it now, we need to get back to energy independence as we were when President Trump left DC.