Trump Reveals What He’ll Do With Oil From Venezuela
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President Donald Trump said the United States will soon begin replenishing its strategic oil reserves with Venezuelan crude.
Trump pointed out that the Biden administration had left the reserves “virtually emptied.”
Trump described the effort as a “Gift from Venezuela to the People of the United States.”
One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied. The “topping out” process will begin very shortly, and is a Gift from Venezuela to the People of the United States. Thank you! President DONALD J. TRUMP
The reserve is currently at a 40-year low thanks to the Biden administration.
During the Biden administration, there was a 42% drop in the reserve.
The reserve holds the nation’s emergency stockpile of oil. Its levels are currently at a 40-year low. The Department of Energy announced in August that its levels fell by 6.1 million barrels, to 298.7 million barrels.
Mr. Trump in March ordered the release of 172 million barrels from the reserve to combat skyrocketing energy prices in the wake of the U.S. war with Iran, which effectively closed the Strait of Hormuz, a major chokepoint for oil tankers.
President Joseph R. Biden also drained the reserve to ease high energy prices. He ordered several releases from the Strategic Petroleum Reserve that led to a 42% drop during his administration.
The national average price for gasoline was $4.08 this week, up from about $3.21 a year ago, according to the auto owners club AAA.
Big win for the United States!
