Two weeks ago Joe Biden announced he was going to open the US oil reserves. This was after he spent the last year blocking pipelines and production here in the United States.
Now we know that the oil reserves are expected to go to India and China.
Who could have guessed it?
And this move by Joe Biden will not put a dent in US gas prices at the pump.
According to the AAA website, US gas prices will not be affected at all after this move.
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But maybe China and India will see a price drop?
FOX Business Network reported:
President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said Tuesday.
The White House said the Department of Energy will release 50 million barrels of oil held in U.S. reserves — 18 million of which have already been congressionally approved for sale.
China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.
Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away.