News Update – 8-5-22

In the news…

The U.S. Strategic Petroleum Reserve (SPR) holds 475 million barrels of oil which is the lowest level since 1985. This is a result of the release of 7 million barrels of oil each week which began in March and will continue for six months. Additionally, the administration announced last week that an additional 20 million barrels will be released in an attempt to calm global oil price pressure. There is little doubt that the release of so much of our SPR has helped to ease gasoline prices off their highs from early summer.  

However, why would the administration sell SPR oil to China when that country already purchases Russian oil essentially at a discount because of Western sanctions put on Russia?  That’s right, the U.S. took from our own emergency reserve and sold 1 million barrels to China for their stockpile. In the scheme of things that’s not much, but it certainly doesn’t put the needs of the U.S. first. That is a problem.

Prager U recently released a 5 minute video on Energy. Mark Mills from the Manhattan Institute discusses where our energy is sourced, renewal resources, and future energy needs. It’s a powerful and informational piece.

As G. K. Chesterton wrote, “It isn’t that they can’t see the solution. It is that they can’t see the problem.”

We are trying to make sure that they see and understand the problems. Join us in that mission!