The New York Times reported today that the Biden administration will release some 50 million barrels of oil from the strategic reserve in an attempt to resolve the gasoline price increase.
But I must admit, I am confused. As of July, the U.S. was exporting 3 million barrels of oil per day. A month of exported oil would almost double the amount being released from the strategic reserves. Why are we exporting crude oil and importing it from the OPEC nations who have limited production to drive up the price? Is there a legitimate reason why we are not refining our domestically produced crude oil?
St. John, Wash.