Politics

Trump Authorizes Release of Oil From US Strategic Petroleum Reserve After Saudi Attacks

Trump oil strategic Saudi AttacksPresident Donald Trump announced on Sunday evening that he has authorized the release of oil from the Strategic Petroleum Reserve following attacks on Saudi Arabian oil fields and refineries.

“Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve,” he wrote at around 6 p.m. on Sept. 15.

He added that the amount would be “sufficient to keep the markets well-supplied.”

“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States,” the president tweeted.

The Strategic Petroleum Reserve, according to the U.S. Department of Energy, has the world’s most abundant supply of emergency crude oil.

“The federally-owned oil stocks are stored in huge underground salt caverns along the coastline of the Gulf of Mexico,” the agency’s website says.

It added that it has been used three previous times. The most recent time was in 2011 amid unrest in Libya that toppled longtime strongman Moammar Gadhafi.

President Obama at the time “directed a sale of 30 million barrels of crude oil,” it said.

“The Gulf of Mexico was a logical choice for oil storage sites. More than 500 salt domes, known to be an inexpensive and secure means of petroleum storage, are concentrated along the coast. Also, the Gulf Coast is the location of many U.S. refineries and distribution points for tankers, barges, and pipelines. In April 1977, the government acquired several existing salt caverns to serve as the first storage site. Construction of the first surface facilities began in June 1977,” the site says.

Attacks

Saudi Arabia’s national oil company, Aramco, said it will cut oil production by about 5.7 million barrels per day, or nearly 50 percent, after drones hit the kingdom’s oil production, according to the Wall Street Journal.

In August, the U.S. Energy Information Administration estimated that Saudi Arabia produced some 9.85 million barrels per day.

Saudi officials now are trying to restore about of third of lost oil output by Monday, Sept. 16, the WSJ also reported.

Meanwhile, Iranian officials dismissed any accusation that the regime was behind several attacks targeting oil facilities in Saudi Araba. U.S. Secretary of State Mike Pompeo said that Iran was behind the assault.

“The Saudi-led coalition has been fueling the flames of war in the region; with recurrent acts of aggression against Yemen, and committing various war crimes for around five years, while Yemenis have proved that they stand against war and aggression,” Iranian Foreign Ministry spokesman Abbas Mousavi said, according to to the state-backed Tasnim News Agency.

Despite the denial, a general said the country is ready for a “full-fledged” war with the United States.

“Everybody should know that all American bases and their aircraft carriers in a distance of up to 2,000 kilometers around Iran are within the range of our missiles,” Amirali Hajizadeh, an Iranian commander, told Tasnim.

On Twitter, Pompeo accused Iran of committing “nearly 100 attacks” on a Saudi oilfield and refinery.

“Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world’s energy supply. There is no evidence the attacks came from Yemen,” he wrote on Twitter.

Later, Pompeo called on every nation to condemn the attacks.

“The United States will work with our partners and allies to ensure that energy markets remain well supplied, and Iran is held accountable for its aggression,” he tweeted.

Reprinted with permission from - The Epoch Times - by Justin Bogie

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JohnH
1 year ago

Very bad knee-jerk action by Trump ” We are locked & loaded” before he knew the whole story & this was not an attack in USA. Very Paranoid & he said that Bolton was a hawk. Stop & think that the whole world is watching.

Ted
1 year ago

I don’t understand. If we are oil independent why did the prices go up at the pump a dime or more when this all happened?

JohnH
1 year ago

This is a real knee-jerk reaction. Have read that USA is now oil dependent, so why open up oil reserves?? Too hasty of decision by POTUS before he knows the whole story

Pete from St Pete
1 year ago

The Strategic Petroleum Reserve was vital to the U.S. during the Cold War when we had to depend on foreigners to supply us with oil. Since the invention of fracking it is somewhat of a white elephant. President Trump is doing the right thing in helping stabilize oil prices with stored oil while the Saudis repair their refinery.

Dr. Covert
1 year ago

Way to go, President Trump. We need to back countries that are for us. Amen.

Josephine pooley
1 year ago

Scary times but God is in contr! Pray church pray!

CHERYL FITZGERALD
1 year ago

Sounds like a good move Mr. President!

Greg
1 year ago

Only thing is that we let the Saudi’s do the military retaliation for Iran’s actions not the USA.

Brenda Blunt
1 year ago

Thank you for taking care of your American citizens Mr. President. Hopefully all the prices will keep at the same level or lower.

Wayne
1 year ago

Go Trump Go! 2020

HAL HOFFMAN
1 year ago

CALL ME A SKEPTIC,, BUT WHY DOES IT LATELY SEEM LIKE EVERY TIME THE GAS PRICES START TO GO DOWN, THESE RAG HEADS CONCOCT A WAY TO FORCE THEM BACK UP AGAIN????? TIME TO FIND A WAY TO TEACH THESE GUYS A LESSON THEY SOON WON’T FORGET!!!!

carol
1 year ago

My question in all of this is why now? If Iran is behind this attack on Saudi oil, then is Iran trying to destabilize energy, thereby sending economies soaring down ward! If this is their plan, then who are they really going after? Is it our election coming up next year, trying to hurt Trump’s reelection by hurting our economy? Just a thought!

Carol
1 year ago
Reply to  carol

I was wondering the same.

Rick J.
1 year ago

It’s time for the Saudis and those who depend on their oil to defend it. We should provide them intelligence,
sell them armaments, but they should put their own people in harms way. The Saudis were the major players in the creation of radical Islam. They should destroy what they created!

Veteran
1 year ago

Best reason to expand fracking and oil production also in areas Democrats resist. We’ve been dependent on islamic nations for way too long!

Diana
1 year ago

Yes good one No way do we need to send any military help they need to defend themselves but to help this way is good if it turns out to be Iran or whoever is responsible all the Arab nations need to take them down, let these criminals know this will not stand anymore done with these bullies keeping all the Middle East in a uproar time to make these radicals understand it is unacceptable this is Not 1000 years ago or more it’s time to become a decent human being not your ugly selfish ass, as rich as these countries are this garbage should have been wiped out long ago live and let live stop trying to force yourself and your beliefs on others we all know Right from Wrong , Good from Bad, even these people trying to erase the difference it’s not going to happen Right is Right and Wrong is Wrong no matter how you try you can’t change it.

Sid
1 year ago

After the 1973 Oil Embargo, Henry Kissinger obligated the US to provide protection for Saudi Arabia…FOREVER. In exchange for this military support, the Saudi’s are obligated to provide us with their oil, for with we pay US Dollars. But in addition, the last stipulation is that the Saudi’s loan those dollars back to the US by buying US Treasury Bonds. So at the end of the day we (US) have their oil and our money back. They have protection and an IOU. It’s called Petrodollars and that’s where we get the money for $2 billion dollar stealth fighter jets and all those other whizz bang toys from the defense industry. But another kicker is that the US gets to print more and more dollars to sustain inflation, since we are the world’s Reserve Currency…and every barrel of oil world-wide must be traded in USD. So when the T Bills mature, they are paid back with deflated dollars. Wasn’t Henry a piece of work? It’s little wonder that the major players of the world are headed back to a gold standard.

I’d be willing to bet that less than 1% of the general public is aware of this love/hate relationship with Petrodollars.

And yes, having a cushion like the SPR will stabilize the markets until SA can get back up and running. So that’s a good thing in my opinion.

Sid

Cheryl Filippone
1 year ago

Great, Proud of our President. But no one should know where the oil reserves are held..

Babette
1 year ago

Media does it again.. they just can’t seem to keep their computers quiet

Veteran
1 year ago

Kind of hard to do when you are talking about millions of barrels of oil released to the public. All the nefarious players of the threat you can be sure are monitoring all the known sites. The important part is to always release from already known sites not from new ones.

Bill
1 year ago

I agree. Think it was mistake to declare where our oil reserves are located.

JohnH
1 year ago

Thought Trump never spills the beans to enemies

Jean Barnes
1 year ago

If President Trump is forced to respond to attacks from Iran, it’s going to be one of those they won’t be coming back from. The days of political wars and games are over. Wars are devastating with many innocents also being in harms way. When war is like this, countries think twice about storing thing up.

Lyne
1 year ago

Don’t Saudi’s have Patriot Missiles? Maybe they need to go implement an Iron Dome like Israel has.

Irv C
1 year ago

As always President Trump is correct. Iran is a laughing matter with its threats against the US but it’s no laughing matter when they cause any harm anywhere on the planet.
Trump won’t be pushed beyond reason and this is proof we need to be oil independentl.

Johhny deleon
1 year ago
Reply to  Irv C

I believe we are not dependent on foreign oil, we are just using up everybody else’s oil first ,why use ours ,we are producing enough that we are selling it back to them.

Dr. Covert
1 year ago
Reply to  Irv C

This is for sure. We need to be oil independent. We need to be able to get the oil right here in the mid west.

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