Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
US President Donald Trump arrives in Saudi Arabia, beginning Gulf trip that includes Qatar, UAE.
Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli confirmed dead.
Gunfire heard in various areas of the Libyan capital of Tripoli.
Libyan sources: The Ministry of Interior urges all citizens in Tripoli to remain in their homes.
Libyan sources: Air traffic halted at Tripoli Airport following reports of the death of Support and Stability Apparatus (SSA) chief Abdel Ghani al-Kikli.
Libyan sources: Clashes and military movements reported inside the capital, Tripoli.
Sheikh Qassem: Lebanese officials must also prioritize rebuilding the state economically and socially, as well as returning the depositors’ funds.
Sheikh Qassem: The second priority is reconstruction, and I call on the Lebanese government to place this item first on the agenda of its next session.
Sheikh Qassem: Lebanese officials must prioritize ending Israeli aggression, its violations, its occupation, and securing the release of prisoners.
Sheikh Qassem: We are part of the new era and partners in its benefits, and we want those who previously took certain stances for specific reasons to reconsider them in order to build the country.

US oil giants caught selling oil reserves to EU for profit

  • By Al Mayadeen English
  • Source: Agencies
  • 14 Feb 2023 10:04
3 Min Read

Oil firms in the US have been taking advantage and profiting massively through the sale of SPR petroleum in Europe, where the prices are even higher.  

  • x
  • Crude oil tanks in Cushing, Oklahoma in April 2020 (Reuters)
    Crude oil tanks in Cushing, Oklahoma in April 2020 (Reuters)

While the Biden administration was attempting to relieve high gas prices by using the country's Strategic Petroleum Reserve (SPR), US oil giants were caught hauling it to Europe where the price is even higher than the US, making "more money than God" as US President Joe Biden put it.

As another 26 million barrels of crude oil from the SPR is set to be released from the US Department of Energy (DoE) according to US reports, the SPR currently holds approximately 371.58 million barrels of oil and a storage capacity of 714 million barrels, per Energy Information Administration (EIA) data.

Read next: SPR crude inventories hit their lowest since January 1984 

After reaching a record 16-month low in December, gas prices began to skyrocket again. $3.091 per gallon was the average price in December 2022, but when February hit, it went back up to $3.444 per gallon per the EIA.

Related News

Oil prices plunge over 3% as US reserves rise by 3.6mln barrels

Trump at Davos: Blames Biden for 'economic chaos', vows energy reforms

More Republican control

This comes amid a wave of changes by the new Republican-controlled House of Representatives - one being the introduction of a bill to limit the DoE's ability to release SPR stocks without approving more oil drilling on federal lands.

The SPR reached a historic low last year to make up for the loss of Russian energy exports due to the Western-imposed sanctions against Russia. In turn, prices of oil, energy and gas rose to record highs. Even though prices have been decreasing to a certain extent, they remain relatively high. Furthermore, the OPEC+ output cut exacerbated the use of SPR. 

Following the vote at OPEC+ that ratified the slashing of 2 million barrels per day in oil production, the US decided to tap further into their oil reserves. 

Despite this, oil firms in the US have been taking advantage and profiting massively through the sale of SPR petroleum in Europe, where the prices are even higher.  

Back in November, Biden called on oil and gas companies to use their record profits to lower energy costs, after he criticized major oil corporations for reeling in heaps of profit while Americans are paying substantial numbers to fill their vehicles with fuel. 

The US Department of Energy announced in December that it will purchase 3 million barrels of oil to replace withdrawals from the SPR due to high energy prices.

  • Strategic Petroleum Reserve
  • Europe
  • US oil reserves
  • US
  • US Oil Prices
  • Joe Biden
  • Crude oil

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Hezbollah Secretary-General Sheikh Naim Qassem gives a speech to commemorate martyr Sayyed Mustafa Badreddine on May 12, 2025 (Al Mayadeen Screengrab)
Politics

Israeli pressure doomed to fail, Resistance to prevail: Sheikh Qassem

AP
Politics

'Israel is spiraling' amid Gaza war, internal fractures: The Nation

UNIFIL
Politics

'Israel' hindering Lebanese Army deployment in south: UNIFIL

The scene at BBC Broadcasting House in London, after red paint was sprayed over the entrance. (AP)
Politics

UK journalists given guidebook after failing on covering Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS