Q: Is the Biden administration selling crude oil from the Strategic Petroleum Reserve to other countries?
A: The oil is sold to eligible companies that make the highest offers. Some of the companies are U.S. subsidiaries of foreign companies, and some that purchased oil have then exported a portion to buyers overseas. Exports increase the global supply and still help with U.S. gas prices, experts told us.
A supply and demand imbalance, exacerbated by Russia’s invasion of Ukraine, led to a surge in gasoline prices. But an online statement attributed to a supposed “BP Oil Executive” blames gasoline prices on U.S. dependence on foreign oil. BP told us the statement did not come from anyone at the company.
The U.S. Strategic Petroleum Reserve was set up in the 1970s as an emergency source of oil in the event of unexpected supply disruptions. When Donald Trump took office as president in January 2017, the reserve held 695.1 million barrels of crude oil. The last full week before he left office in January 2021, it held 638.1 million barrels, or about 8% less.
With the U.S. blocking new purchases of Russian oil, the White House, Republicans and the oil industry are engaged in a disagreement over whether the administration has hampered domestic oil production on federal land or whether the industry is holding back. Both sides are spinning the facts.
When politicians say that the United States was “energy independent” under former President Donald Trump, some people may get the false impression that the U.S. was 100% self-sufficient. The country still relied on foreign sources of energy, including oil.
Statistical indicators of President Trump’s four years in office.
In an address to the nation a day after an Iranian attack on military bases housing U.S. soldiers in Iraq, President Donald Trump made some dubious, misleading and inaccurate claims.
We unpack the complicated and contentious world of fuel economy standards, and explain why some experts aren’t buying some of the Trump administration’s arguments for why stricter Obama-era standards should be loosened.
With gasoline prices plummeting, President Trump gave himself a third-person pat on the back via Twitter: “thank you President T.” Energy experts say the decline is largely motivated by market forces outside the president’s control. But experts attribute at least part of the drop to the administration’s decision to soften Iran sanctions.
Statistical measures of how things have changed since the president took office.