by Caitlin McFall at Fox News
President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said Tuesday.
The White House said the Department of Energy will release 50 million barrels of oil held in U.S. reserves — 18 million of which have already been congressionally approved for sale.
TOP REPUBLICAN ON ENERGY COMMITTEE SAYS TOO LITTLE TOO LATE AFTER BIDEN TAPS OIL RESERVE
U.S. President Joe Biden speaks on the economy during an event at the South Court Auditorium at Eisenhower Executive Office Building on November 23, 2021 in Washington, DC. President Biden announced the release of 50 million barrels of oil from the S (Photo by Alex Wong/Getty Images / Getty Images)
China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.
Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 63.14 | +1.64 | +2.67% |
| BP | BP PLC | 27.45 | +0.80 | +2.98% |
| CVX | CHEVRON CORP. | 116.30 | +2.40 | +2.11% |
But U.S.-produced sour crude oil appeals to foreign buyers because of its relatively affordable price tag, the publication said.
The White House’s Tuesday announcement means the U.S. will seek to accelerate sales abroad in an attempt to counter spiking prices at the gas pump…
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