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
Lebanese Ministry of Health: Two people, including a soldier, were injured in an Israeli airstrike near the town of Beit Yahoun, Bint Jbeil District, in South Lebanon
Araghchi: Iran is committed to diplomacy and expects the lifting of unjust and unilateral sanctions that directly target its people
Araghchi: We want a fair and balanced agreement reached within the framework of the Nuclear Non-Proliferation Treaty with full respect for Iran's nuclear rights
Araghchi: Iran has always sought to alleviate legitimate international concerns about its nuclear program through transparency
Araghchi: Iran is committed to the principle of not producing or deploying weapons of mass destruction
Araghchi: Iran is committed to the Nuclear Non-Proliferation Treaty and has never sought to possess nuclear weapons based on its principles
Araghchi: Iran has always emphasized that it does not seek nuclear weapons, and we call for a fair and just agreement that guarantees our national interests and lifts sanctions
Araghchi: We call for a referendum in Palestine so that the Palestinians can decide their fate
Araghchi: The Zionist entity is a threat to the countries of the region, and a real solution must be reached
Araghchi: Iran wishes nothing but good, progress, and development for its neighboring countries, and we must expand economic and structural projects with them

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.

Related News

US finalizes $2.5Bln loan to build 3 EV battery plants: Energy Dept.

US Energy Dept. 'concerned' over threats to EU energy infrastructure

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

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
A Microsoft sign and logo are pictured at the company's headquarters, Friday, April 4, 2025, in Redmond, Wash. (AP)
Technology

Microsoft admits supplying AI to 'Israel' amid Gaza carnage

Israeli occupation’s tanks parked in a staging area near the border with Gaza, Friday, May 16, 2025. (AP)
Politics

'Israel' launches multi-axis assault in Gaza under 'Gideon’s Chariots'

People stand at the train ticket counter of NJ Transit at Penn Station, amid a strike by New Jersey Transit train engineers, in New York, Friday, May 16, 2025. (AP)
Economy

Commuters stranded amid first New Jersey railway strike in 40 years

Trump's tax bill stalls as Republican opposition demands deeper cuts
US & Canada

Trump's tax bill stalls as Republican opposition demands deeper cuts

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