Why U.S. Petroleum Reserve Oil Went Overseas
Heartland Author
July 8, 2022
By Philip Wegmann
President Biden made sure to emphasize that the action he was about to take was extraordinary.
In late March, as the price of gasoline spiked, his administration threw open the spigot of the National Strategic Petroleum Reserve and began releasing a million barrels a day to, in the president’s telling, “provide a historic amount of supply” until domestic production could ramp back up.
But some of that historic supply meant to ease domestic pain, per new reports, ended up overseas. According to Reuters, as gasoline and diesel prices hit record highs last month, more than 5 million barrels flowed from the petroleum reserve to markets in Europe and Asia.
That news seemed to catch White House press secretary Karine Jean-Pierre off-guard Tuesday. “I have not seen that report,” she replied when RealClearPolitics asked about the Reuters story, “so I would honestly have to go look into it and see what the truth is in that statement that you just laid out and see exactly what’s happening.”
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