Biden’s emergency SPR oil release is going to Europe…
Joe Biden’s decision to release 180 million barrels of oil from the US Strategic Petroleum Reserve – one million barrels per day for 180 days, ending just before the midterm elections which the Democrats will lose in an avalanche – was meant to help lower US gasoline prices. Instead, it is heading for Europe.
According to Bloomberg, citing a person familiar with the matter, the Suezmax ship Advantage Spring – sailing for Rotterdam, according to ship-tracking data compiled by Bloomberg – received emergency SPR sweet crude from Energy Transfer’s Nederland oil facility around April 1 for export.
According to Matt Smith, oil analyst at commodity data firm Kpler, this is the first export of SPR crude since last November. Which means the oil was apportioned from Biden’s shock SPR release.
They will tell you that this doesn’t mean what you think it means, that oil is ‘fungible’, meaning that a million barrels shipped to the EU is the same as sending that oil to an American refinery.
Do you buy that?
The oil is going to Europe because they are pinched for supplies of Russian oil and what oil they can buy from Russia they must agree to buy in the Russian ruble. If the EU starts buying oil in rubles instead of dollars the days of the American dollar reigning supreme will be threatened. This is a problem, a very serious problem, that is new and entirely the fault of the Biden Administration.
In the meantime, to continue operation at the level needed, American refineries are buying on the ‘spot market’ at premium prices.
Don’t hold your breath waiting to hear this story covered or explained by the MSM,
The job of the MSM is to cover stories…
… with a pillow, until they stop breathing.
On the North River 