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Page added on July 7, 2022
Millions Of Barrels From US Emergency Oil Reserve Sent Abroad, Including To China
With a growing number of people realizing that the Biden administration has drained more oil from the US strategic petroleum reserve, which is meant to be used during real emergencies not fake, made up ones such as Democrats facing a catastrophic failure at the midterm elections…
… more people are starting to ask the next big question: where is this furious liquidation of US black gold going?
Courtesy of Reuters we know: more than 5 million barrels of oil that were part of the historic U.S. SPR release were exported to Europe and Asia last month, including top US geopolitical nemesis in the global arena, China, even as U.S. gasoline and diesel prices hit record highs.
The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. In a widely mocked call, Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing rightful criticism from Amazon founder Jeff Bezos, because going after mom and pop gas stores merely demonstrates just how clueless the handlers of the senile presidential puppet truly are.
About 1 million barrels per day have been drained from the Strategic Petroleum Reserve through October, an unprecedented pace. The drain means SPR inventories fell to the lowest since 1986. US crude futures are above $100 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation. US officials have said oil prices could be higher if the SPR had not been tapped, and for once they are right. Still, the question looms of what happens to oil prices when the US can no longer sell the SPR amid concerns of a real emergency: we know the answer and the Biden admin won’t like it.
“The SPR remains a critical energy security tool to address global crude oil supply disruptions,” a Department of Energy spokesperson said, adding that the emergency releases helped ensure stable supply of crude oil.
Citing customs data, Reuters traced that the fourth-largest U.S. oil refiner, Phillips 66 shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy. Trieste is home to a pipeline that sends oil to refineries in central Europe. Meanwhile, Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each. Cargoes of SPR crude were also headed to the Netherlands and to a Reliance refinery in India, an industry source said.
What is most notable is that a third cargo headed to US arch-enemy, China, which is now directly benefiting at the expense of US consumers as a result of Biden’s escalating panic to undo the consequences of his catastrophic green policies by selling the most valuable US assets directly to Beijing!
But what is even more scary is the following exchange, in which the White House simply had no response when asked if the US is selling its emergency reserve oil to China.
.. . https://t.co/pXIRedpyeD
Karine Jean-Pierre doesn’t know millions of barrels of oil released from the U.S. Strategic Petroleum Reserve sent to China… pic.twitter.com/nWQihKqQbz— rodriQuez (@rodriQuez) July 7, 2022
Pointing out the obvious, Matt Smith, lead oil analyst at Kpler. said that “crude and fuel prices would likely be higher if (the SPR releases) hadn’t happened, but at the same time, it isn’t really having the effect that was assumed.”
And while the midterms will come and go, and Democrats will suffer a historic loss, the U.S. energy picture is getting more dire by the minute thanks to the sheer incompetence and/or corruption of the executive branch: crude inventories are the lowest since 2004 as refineries run near peak levels. Refineries in the U.S. Gulf coast were at 97.9% utilization, the most in three and a half years. This means even the smallest accident can and will sell oil prices to the moon.
9 Comments on "Millions Of Barrels From US Emergency Oil Reserve Sent Abroad, Including To China"
makati1 on Thu, 7th Jul 2022 5:22 pm
Love to read about the stupidity/senility of the current “leaders” of US “democracy”.
What a collection of narcissistic, arrogant, stupid people! Senile old people who should be dead, not running a failing government. Sinophobes, Russophobes, Israel ass kissers, corporate shills, and just plain uneducated assholes.
There should be term limits for any government elected position and any appointed leaders should be up for replacement at election time. But that is not going to happen. The US is going Down.
BTW: “Annual inflation rate in the US unexpectedly accelerated to 8.6% in May…” That is a 7.2% increase in 2 years. And we know that the real rate is closer to 15+%.
“The annual inflation rate in the Philippines climbed to 6.1% in June 2022 from 5.4% in May…” That is a real rate as the Ps does not manipulate the numbers like the US. Normal inflation rate is around 3% here.
In Philippines, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (39 percent of total weight); housing, water, electricity, gas and other fuels (22 percent) and transport (8 percent). The index also includes health (3 percent), education (3 percent), clothing and footwear (3 percent), communication (2 percent) and recreation and culture (2 percent). Alcoholic beverages, tobacco, furnishing, household equipment, restaurants and other goods and services account for the remaining 15 percent.
Duncan Idaho on Thu, 7th Jul 2022 6:18 pm
“The five most common types of trash items found are glass, food wrappers, paper, plastics and, by far the most collected, cigarette butts. In fact, after this year’s cleanup, the volunteers removed 2,500 cigarette butts.”
At least the cigarette smokers are killing themselves–
Getting rid of the trash
Theedrich on Fri, 8th Jul 2022 2:51 am
So now the imbecilic British Prime Minister, Boris Johnson (“BoJo”) has retired. His (very slow) departure will make way for some other clown. Meanwhile the Ukrainian misery grinds on. While the western mainstream media excretes nonsense about Russian military incompetence, a book published in 2016 by the American Military Studies Office,
The Russian Way of War reveals (p. 56) that this is not exactly the case:
But apart from this and the fireworks in Ukraine, it is important to note that the issue of the Pentagon’s bioweapons laboratories has now come to light again. In June 2022 the Pentagon admitted having financed 46 bioweapon laboratories in the Ukraine. The Pentagonian pretext was that
Yup. Just 46 peaceful labs for improving public health, blah, blah, blah. Part of the over 400 such labs the Pentagon supports worldwide. All out of the goodness of its heart, of course.
These and many other facts are bringing up new questions about the role of the U.S. in the COVID-19 pandemic. The Chinese government has been accusing the U.S. of having designed a deadly virus ethnically targeted at “ Iranians, Italians and various Asian genotypes.” The ultimate aim, it is assumed, would be to depopulate China and other countries. Naturally the U.S. denies this as Communist propaganda, and prefers its own narratives for its sheep. Some statistics on death rates as of the end of December 2020: Germany, under 2%; Italy, ~3.6%; China, somewhat over 5%. (See here.)
The knee-jerk reaction of most Americans upon reading these suspicions and accusations would be to dismiss them as nothing but empty propaganda, and ignore any and all evidence about Pentagon bioweapons operations, about Dr. Anthony Fauci (NIAID honcho) and Dr. Peter Daszak (EcoHealth Alliance) sending $600 thousand to Wuhan for coronavirus research, and about other stealthy maneuvers of the indispensable nation. It all fits in so well with the “Great Reset” promised by the oligarchic benefactors of mankind headquartered in Switzerland.
Apparently the Chinese believe that America is trying to exterminate them as a race, and in return are manufacturing fentanyl as their “antidote” to the plague. Meanwhile American pharmaceutical companies (especially Pfizer) are producing not a true “vaccine,” but a gene-infecting agent which they are imposing on the population through the force of our bribe-ocratic government. The results are early deaths, fetal abnormalities, and serious health problems for those who are injected with these concoctions.
And anyone who is suspicious of these jabs must be canceled, impoverished or imprisoned.
Biden's hairplug on Fri, 8th Jul 2022 5:12 am
“So now the imbecilic British Prime Minister, Boris Johnson (“BoJo”) has retired. His (very slow) departure will make way for some other clown.”
Exactly.
The Tory party, that thanks to the 2019 Johnson-ERG coupe has been cleansed of Remainers, will continue to flog the dead Brexit horse. They will elect a new Boris, albeit with lower BMI-index, considerable less charisma and only marginally better morals, while overseeing a deteriorating economy, now that they have cut themselves off from Europe, in the unshakable belief that cutting themselves off from the core of the White World, somehow, magically, Britain will be catapulted back to the top of the global pecking order, where they, in their modest estimation, belong.
snikker.
Britain, since 1945, sees itself as the bulldog, that in the service of the US shepherd, keeps the European sheep into the western corral. The end of that arrangement may be in sight, though.
A Mike Pompeo and loyal member of the Washington Blob, has had held a speech this week, where he said that the US should take up the gauntlet against the rising “Eurasian Menace” and threat against perceived US hegemony. Can’t have that. It is very well possible that the US will encourage Taiwan to declare independence, which will trigger China, like Donbas triggered Russia and the US has China caught in the so-called Thucydides trap. What could possibly go wrong? For the US it is now or never and they seem to be tempted to play geopolitical va banque. Which implicates Britain, via this last minute AUKUS arrangement.
The EU no doubt will cheer on Britain, while secretly opening talks with Russia about resuming oil and gas deliveries via Nord Stream 1 & 2. Never waste a good crisis!
Dredd on Fri, 8th Jul 2022 11:49 am
“The Agency’s collective response system is designed to mitigate the negative economic impacts of sudden oil supply shortages by providing additional oil to THE GLOBAL MARKET.” (The global oil market)
Dredd on Fri, 8th Jul 2022 11:52 am
The U.S. Strategic Petroleum Reserve was set up in the 1970s as an emergency source of oil in the event of unexpected supply disruptions. When Donald Trump took office as president in January 2017, the reserve held 695.1 million barrels of crude oil. The last full week before he left office in January 2021, it held 638.1 million barrels, or about 8% less.
But Trump falsely claimed that before his presidency, the reserve had been “mostly empty” for decades and that he had restored it to “100% full.” (Fact Check Org)
Dredd on Fri, 8th Jul 2022 12:07 pm
IEA Oil Market Report June 2022
suxs on Sat, 9th Jul 2022 6:25 am
Zero IQ, like some tired drama queen, is fake-agonizing over the release of an amount of oil from the SPR equivalent to less than 5% of DAILY global oil consumption. STFU already.
Lions and tigers and bears, oh my!
Kevin Cobley on Sun, 10th Jul 2022 9:51 pm
High prices aren’t an “emergency”