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This has nothing got to do...

with supplying the daily U.S. oil consumption. This is a coordinated release between the U.S., India, China, Japan, Republic of Korea, and the United Kingdom which is the first such move of its kind. President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm the 2021 rapid rise in fuel prices.

The last major release of the oil reserve came in 2011 when President Barack Obama released 30 million barrels of oil to counter disruptions in supply due to civil unrest in Libya. President George W. Bush released 11 million barrels of oil from the reserve in 2005 to counter disruptions from Hurricane Katrina, and his father, President George H.W. Bush, released 17 million barrels during the Persian Gulf War.

The Strategic Petroleum Reserve is a stockpile to preserve access to oil in case of natural disasters, national security issues, and other events. Maintained by the Energy Department, the reserves are stored in caverns created in salt domes along the Texas and Louisiana Gulf Coasts. There are roughly 605 million barrels of petroleum in the reserve.


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