Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch
A cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas port bound for Europe, a signal of increasing oil-market disarray as refiners shun Russian supplies and prices surge. The rare export of strategic U.S. barrels is evidence of the ever-widening search for crude to replace Russian cargoes seven weeks after President Vladimir Putin’s invasion of Ukraine triggered international revulsion and sanctions.
A tanker known as the Advantage Spring loaded low-sulfur crude originally pumped from the strategic reserve caverns in Southwest Louisiana at a port in Nederland, Texas earlier this month, according to a person familiar with the matter.
President Joe Biden, along with several allies, recently offered a portion of their strategic reserves for sale to help alleviate some of the supply pinch associated with the escalating war in Ukraine. TotalEnergies didn’t respond to a request for comment.
First he killed the golden goose of American energy production. Now, he's selling off the carcass for parts.
Michael Walsh is a journalist, author, and screenwriter. He was for 16 years the music critic and a foreign correspondent for Time Magazine. His works include the novels As Time Goes By, And All the Saints, and the bestselling “Devlin” series of NSA thrillers; as well as the nonfiction bestseller, The Devil’s Pleasure Palace and its sequel, The Fiery Angel. Last Stands, a study of military history from the Greeks to the present, was published by St. Martin's Press in December 2019. He is also the editor of Against the Great Reset: 18 Theses Contra the New World Order, published on Oct. 18, 2022. Follow him on Twitter: @theAmanuensis