The Data Point: [Bought n' paid for...] Biden's oil reserve release is the biggest in U.S. history

[Leroy N. Soetoro]

https://www.nbcnews.com/data-graphics/data-point-bidens-oil-reserve-
release-biggest-us-history-rcna6627

The 50 million barrels of oil that President Joe Biden said the country
would release from its Strategic Petroleum Reserve would be the biggest
release in U.S. history and almost twice as much as the largest previous
release.

The release, which Biden announced Tuesday, is about 8 percent of the 621
million barrels in reserve, according to data from the Energy Department.

Before 2017, there had been only three emergency sales from the reserve,
spurred by disruptions like the Gulf War in 1991, Hurricane Katrina in
2005 and the Libyan civil war in 2011.

Since then, Congress has put sales mandates in the last several budgets,
in part to modernize the reserve system itself. And exchanges — in which
the government in essence lends oil to companies, who then must return the
same amount plus interest — were used to offset disruptions from Hurricane
Harvey in 2017, as well as hurricanes Isaac, Gustav and Ike.

While the amount Biden is releasing is unprecedented, the methods to
withdraw oil have become more common, as lawmakers use the reserves to
balance the budget — and offset disruptions from hurricanes.

The move prompted criticism. Dan Brouillette, who was energy secretary
during the Trump administration, told CNBC on Wednesday, “It’s not a
supply emergency, and the only emergency I can ... see in this case is a
political emergency.”

Sen. Joe Manchin, D-W.Va., said that the release was “an important policy
Band-Aid” for rising gas prices but that it does not solve “the self-
inflicted wound that shortsighted energy policy is having on our nation.”

The 50 million barrels will be released two ways: 32 million barrels will
be exchanged, while the remaining 18 million barrels will come from a sale
Congress approved in the 2018 budget, which earmarked 15 percent of the
reserve for future sale. In 2017, President Donald Trump wanted to sell
half of the reserves to bolster the budget.

U.S. refineries typically produce about 19 to 20 gallons of motor gasoline
and 11 to 12 gallons of ultra low-sulfur distillate fuel oil (diesel) from
one 42-gallon barrel of crude oil, according to the U.S. Energy
Information Agency.

Exchanges and sales used to be rare.

The first sale was a test sale of 5 million barrels in 1985, and the
second was in 1990, when President George H.W. Bush sold 5 million barrels
to test the readiness of the system.

The following year, he authorized the first emergency sale of 17.3 million
barrels of reserve oil after the launch of Operation Desert Storm. The
reserve was created as a direct response to the oil crisis of the 1970s
after the Arab-Israeli War.

In 1996, a pipeline blockage prompted the first exchange of nearly 1
million barrels. Since then, exchanges have been used more to combat
disruptions, like hurricanes.



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Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
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President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.