touting its relationship with Russia as having "no limits" despite the Russian invasion of Ukraine earlier that year.
Aside from oil sold in the course of SPR drawdowns, China has purchased substantial amounts of oil from American energy companies in recent years as the U.S. increased domestic production and became a net exporter. In all of 2020, the U.S. exported 176 million barrels of oil to China. Last year through October, U.S. firms shipped nearly 67 million barrels of oil to China.
Since taking office, Biden has authorized the release of about 260 million barrels of oil from the SPR. That includes a 180 million barrel release spread over six months in 2022 which was the largest-ever drawdown of the SPR. Biden's drawdowns have left the SPR with about 371.5 million barrels as of early January 2023 – which is the lowest level of SPR reserves since December 1983 according to data from the Energy Information Administration .
OIL INDUSTRY EXEC RIPS BIDEN'S ‘WILLY-NILLY’ ENERGY POLICY, WARNS OF ANOTHER ‘MAJOR’ CRISIS IN NEXT FEW WEEKSThe SPR was created in 1975 by the Dept. of Energy as a means of stockpiling petroleum supplies for emergency use to mitigate the impact of supply disruptions on U.S. energy markets in the wake of the OPEC oil embargo of 1973-74. Reserves can be released based on a finding by the president that there is a supply disruption, or if needed to fulfill U.S.
BIDEN AND HUNTER ARE GOING TO BE PISSED ABOUIT THIS....
this is your man. A big lying guy.