Why U.S. Petroleum Reserve Oil Went Overseas
President Biden made sure to emphasize that the action he was about to take was extraordinary.
In late March, as the price of gasoline spiked, his administration threw open the spigot of the National Strategic Petroleum Reserve and began releasing a million barrels a day to, in the president’s telling, “provide a historic amount of supply” until domestic production could ramp back up.
But some of that historic supply meant to ease domestic pain, per new reports, ended up overseas. According to Reuters, as gasoline and diesel prices hit record...