Trump once slammed Biden for touching US oil reserves, now he's draining it: Report
Key points
- USâs emergency oil vault Worryingly low levels America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues to squeeze global energy supplies.
- Since the conflict began, the US Strategic Petroleum Reserve has lost about 50 million barrels, as the Trump administration seeks to offset supply shortages and ease pressure from rising fuel prices.
- These withdrawals are dragging down the country's emergency oil stockpile levels towards the lowest levels since 1980s.These releases also mark a sharp contrast with Trump's criticism of former President Joe Biden's use of the Strategic Petroleum Reserve (SPR).
- While launching his presidential campaign at Mar-a-Lago, Trump accused Biden of using emergency oil supplies to keep fuel prices lower ahead of elections, saying, âThe strategic national reserves, which I filled up, have been virtually drained in order to keep gasoline prices lower, just prior to the election.
- âNow, with motorists...
Quick Summary
USâs emergency oil vault Worryingly low levels America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Trump once slammed Biden for touching US oil reserves, now h.
Key Takeaways
- USâs emergency oil vault Worryingly low levels America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues to squeeze global energy supplies.
- Since the conflict began, the US Strategic Petroleum Reserve has lost about 50 million barrels, as the Trump administration seeks to offset supply shortages and ease pressure from rising fuel prices.
- These withdrawals are dragging down the country's emergency oil stockpile levels towards the lowest levels since 1980s.These releases also mark a sharp contrast with Trump's criticism of former President Joe Biden's use of the Strategic Petroleum Reserve (SPR).
- While launching his presidential campaign at Mar-a-Lago, Trump accused Biden of using emergency oil supplies to keep fuel prices lower ahead of elections, saying, âThe strategic national reserves, which I filled up, have been virtually drained in order to keep gasoline prices lower, just prior to the election.
- âNow, with motorists struggling with rising fuel costs and political pressure building ahead of the midterms, the US is releasing oil from the SPR at a pace that has eclipsed previous records.The Middle East conflict began on February 28 after the US and Israel launched joint strikes on Iran.
đ Source: Times of India
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