Mazzei Minute: 07/15/22
Get this for a shocker! America is exporting millions of barrels of oil from its emergency reserves to Europe and Asia. Reuters has reported that Phillips 66, the 4th largest U.S. oil refiner, has shipped about 470,000 barrels of sour crude to Italy.
According to a Department of Energy spokesperson, the SPR remains a critical energy security tool to address global crude oil supply disruptions. Hold on to your hat, because it gets worse! Some of these exports are going to China, the communist nemesis stealing our intellectual property and supporting Russia’s invasion of Ukraine.
So let me get this straight – inflation for June came in hot at 9.1%, the highest inflation since November of 1981. Gasoline prices at the pump are still over $4 a gallon across the nation, and we are giving away some of our precious emergency oil reserves.
Meanwhile, President Biden is full of contradictions— saying he won’t let oil and gas companies produce more oil one day and blaming them for not drilling enough the next.
Our incompetent president has even accused companies like our wonderful Tulsa-based QuikTrip of price gouging. The reality is crude inventories are at the lowest level since 2004 and our refineries on the Gulf Coast are running at 97.9%. Any disruption or accident in our system will send oil prices sky high.