Oil reserves released by Biden expected to primarily go to China, India

- FOX NEWS - Caitlin McFall - NOV 23, 2021 -

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)

U.S. taps 50 million barrels of oil from reserves in an attempt to tamper spiking costs at the gas pump

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.

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.

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https://www.foxbusiness.com/politics/oil-reserves-released-biden-expected-china-india

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