What is the point to release 50 million barrels of oil of the strategic reserves when according to Energy Information Administration in 2020, the US consumed daily an average of approx. 18.9 millions of barrels

One thought on “What is the point to release 50 million barrels of oil of the strategic reserves when according to Energy Information Administration in 2020, the US consumed daily an average of approx. 18.9 millions of barrels”

  1. Stragegic oil reserves were employed in order to provide a supply of oil for the country should a war or other disaster block oil from being imported. It should not be used as a balance against high prices for three reasons: 1. There is no guarantee that it will do anything to impact prices 2. It weakens America by reducing our emergency oil reserves 3. There is a high possibility the oil will not be replaced.

    Prior to the Trump presidency the reserves were habitually underfilled. President Trump took advantage of historically low oil prices and filled them up. The Biden Administration cut U.S. production of oil and natural gas upon taking office which has led to the current high prices. Increasing production again is how to reduce them.

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