Biden releases 15 million barrels of oil from US strategic reserve
Thursday, October 20, 2022
Yesterday President Biden announced his plan to release 15 million barrels of oil from the U.S. strategic reserve and consider additional withdrawals this winter, according to PBS.
The announcement comes as gas prices have declined over the past two weeks. However, the average cost per gallon of gas is still around $3.85, up from $3.35 a year ago.
Wednesday’s move completes the release of 180 million barrels, which was authorized by Biden in March and was initially supposed to occur over six months.
The recent withdrawals and the release of 50 million barrels in November 2021 have sent the nation’s strategic reserve to its lowest level since 1984.
Learn more: PBS > Biden announces release of 15 million barrels of oil from strategic petroleum reserve
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.