President Biden to release 1 million barrels of petroleum per day for the next six months

[zuul]

Joe Biden (@JoeBiden)

I’m doing everything I can to bring down prices to address Putin’s Price Hike. That’s why I authorized the release of 1 million barrels per day on average for the next six months from our Strategic Petroleum Reserve.

1:28 PM · Apr 21, 2022

Link to tweet

[Control-Z]

1. I hope it brings down gas prices significantly.

And quickly.

[Budi]

2. Smart move Mr President.

And one we will have to do to continue squeezing Putin till he's finished.

Russia will become whatever it becomes for their sinister genocide in the Ukraine.
But Biden's America will always emerge the stronger.

[Effete Snob]

3. He's also releasing gas

[Walleye]

4. If this oil is then sold on the open market. We should be making money on it

It must’ve cost the treasury less when we purchased it

[former9thward]

7. It has to be replaced by law.

So we will be paying the higher prices to do that.

[Walleye]

8. Oh right, I knew there was a catch

[MoonlitKnight]

10. Do you have a source for this statement?

Oil companies have to replace oil that is loaned to them.

We have more than enough to cover our obligation as a member of the IEA.

Recent legislation actually reduced the requirements in order to offset Republican tax cuts.

[former9thward]

11. The oil is not being "loaned" to oil companies.

It is being sold on the market.

[MoonlitKnight]

12. And that is the only situation that requires it be put back no matter the price.

https://www.eia.gov/todayinenergy/detail.php?id=35032

Just one of many sources that refute your claim.

[former9thward]

13. You mean you could not find an older article.

That one was only 4 years old. I didn't see anything in there about oil being "loaned" to the oil companies.

[albacore]

5. But...but....but... they told me on Facebook that Biden wasn't doing anything to cut gas prices.....

[former9thward]

6. This will not affect prices.

1) The global demand for oil is approx. 100 million barrels a day. This will have no affect on that amount of demand.
2) By law oil taken from the Strategic Reserve must be replaced. So soon we will have to add a million barrels a day to get the supplies back. The market knows this and knows the demand will increase thus increasing the price.
3) This has been tried twice before by the Biden administration (and several times by other administrations) and it did not work those times.

[Hoyt]

9. Won't do much, but better than nothing.