America's Oil Reserves Sent Overseas - What's Happening?

Oil from the US Petroleum and Oil Reserves was sent overseas to China, who is stockpiling their resources. More than 5 million barrels of oil that were part of an historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, even as U.S. gasoline and diesel prices touched record highs.

About 1 million barrels per day are being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986. U.S. crude futures are above $100 per barrel, and gasoline and diesel prices above $5 a gallon for one-fifth of the nation. U.S. officials have said oil prices could be higher if the SPR had not been tapped.

The truth is fuel prices are still high and the SPR remains a critical energy security tool to address global crude oil supply disruptions. The government still believes that releasing the emergency oil releases helped ensure stable supply of crude oil. However, supply has not increased, and demand remains high. We have learned more on this and it will aggravate you too.

0:00 Oil from US #oil Reserves Sent Overseas #gas #politics
1:46 Strategic Petroleum Reserve (SPR) facts
2:42 Where is all the oil actually going? #china
4:07 This is our emergency oil
4:40 Comments and questions

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