Alleged reports have recently been published about how the Biden administration has used the US strategic petroleum reserves (SPRs) to their very lowest. Washington's unsuccessful attempts to use the stock to lower gas prices have only worsened the situation.
US Oil Reserves at Its Lowest
The US strategic oil reserves are at their lowest in 40 years. It mentioned the data from the Energy Information Administration (EIA), reported the Wall Street Journal,
Since 1984, crude oil inventories have decreased by nearly 7 million barrels. It showed that on September 16 of this year, only 430.8 million barrels of oil had left commercial storage facilities, the lowest level since 1983, noted the Good Word News.
In March, the US president said that 180 million barrels of crude oil were released. The excessive use of the SPR was to stop the raging oil prices due to the Ukraine war that Moscow cited as a proxy war against it.
The White House and Democrats would tap about 1 million barrels daily for six months. But analysts cautioned that it was three times more than expected.
Data reveals the White House waywardly used 155 million barrels so far, but instead of taking the warning, there will be ten million barrels by November.
In the action of the Biden administration, the US treasury publishes an explanation for the oil reserves use. They claim gas went down by a paltry 40 cents a gallon if the reserves weren't used based on their explanation, mentioned RT.
As shown by data from the American Automobile Association (AAA), wholesale gas prices in the United States have been continuously decreasing for more than 13 weeks.
Nevertheless, the nationwide average backtracked this week due mainly to routine maintenance at several US refineries.
Stopping Oil, Gas Projects Could Mean Crisis
Jamie Dimon, CEO of JPMorgan Chase, has advised that dismissing whatever prospective fossil-fuel energy initiatives will be catastrophic for the United States, per CSM Times.
Dimon outright denied Democratic Congresswoman Rashida Tlaib's orders that his financial institution abstains from financing future oil and gas developments.
At a House Financial Services public hearing last Wednesday, he characterized the Democrats' imposition as "completely foolish," disregarding a downward spiral that would lead to ruin for the country.
The committee member informed Dimon that JPMorgan and six other American banks have agreed to stop lending to such projects as a result of the Democrats' New Green Deal and a zero-emissions target for 2050, which has been criticized.
One line of questioning to bolster her party's anti-oil-and-gas stance is whether her bank has a policy of not funding oil and gas initiatives, according to a Minnesota Democrat.
He abruptly answered there was not, and it would be suicidal for America not to fund such a projected, very much aware of the Democrat's line of questioning.
Dimon was not alone, as three other CEOs would not be swayed by the Democrat's aim in conducting the public hearing. All were in agreement that financing is crucial for all gas and oil projects, adding that renewable energy projects are also financed. But Talib was obstinate and declared the climate crisis should need net zero that should stop oil and gas projects.
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