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BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

US strategic oil reserves reach historic low as Biden taps further

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Oct 2022 09:03
  • 2 Shares
2 Min Read

The US makes the unwise decision to continue tapping into its oil reserves in hopes of decreasing oil prices further.

  • x
  • Oil Reserves in the United States (EPA)
    Oil Reserves in the United States (EPA)

As Washington tries to control the nation's gas prices, US President Joe Biden's decisions this year have led to a serious depletion of the US Strategic Petroleum Reserve.

According to statistics released by the US Department of Energy, the US emergency oil reserves this week included just 416.4 million barrels, which is the lowest amount since 1984.

In response to the ongoing war in Ukraine, and consequently the anti-Russia sanctions imposed by the US, Russian energy exports became limited thus creating a worldwide shortage.

As a result, oil prices in the US increased, proving the counter-productiveness of anti-Russia sanctions.

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Subsequently, Biden ordered the withdrawal of 180 million barrels of oil from the US strategic reserve over the course of six months in an effort to bring down the cost of fuel. The White House further noted, later, that an additional 10 million barrels will be released in November.

On Wednesday, the OPEC+ states voted on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis and the G7 agenda to introduce a price cap on Russian crude oil.

The US is concerned that OPEC's probable decision to reduce oil production will pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report.

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. This decision will likely drive oil prices in the US even higher.

According to Fox Business, the average price of petrol in the US is currently $3.86 a gallon, which is better than the $5.01 per gallon observed in June but still 29% pricier than it was a year ago.

Read more: US considering 'response options' for OPEC+ oil cut, some against KSA

  • US Department of Energy
  • US oil reserves
  • US Oil Prices
  • Oil reserves
  • Joe Biden

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Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

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