Saudi oil
States in the Northeastern United States are already dealing with heating oil shortages and price spikes. This week’s Bloomberg headline, “New York, New England Ration Heating Oil Even Before Peak Winter,” says it all. Prince Abdulaziz bin Salman, the Saudi Arabian oil minister. It just issued a dire warning to the United States on President Biden’s decision. To release oil from the strategic reserve to avert a spike in gas prices:
“However, it is my grave obligation to warn everyone. That not having emergency supply might be terrible in the upcoming months.”
American oil companies continue Trump’s policy of exporting crude oil and refined gasoline. Brazil worth hundreds of millions of dollars, helping Bolsonaro keep his own gas prices low. As he prepares for his election runoff while US gas prices remain persistently high, giving Democrats heartburn election year.
After the painful lessons of the 1973 Arab Oil Embargo, Congress passed the Energy Policy. Conservation Act in 1975, requiring the president to establish regulations prohibiting. The export of fossil fuels made in the United States to nations other than Canada.
The Trump administration gave the go-ahead for the 2017 sale of Port Arthur. Texas’s largest refinery to Trump’s family’s Saudi clients. Many in the industry are already refining US oil locally, leaving us with the contaminated air. Trash, and malignancies then making billions by exporting the clean gasoline to foreign nations.
Fuel prices were kept low in other countries, like as Brazil. Where Trump supporter Jair Bolsonaro up for reelection, thanks to a refinery export spree under Trump. For instance, Trump’s trend in gasoline exports continued last year. Reaching a record high with the majority of it flowing to Brazil and Mexico. U.S. Gasoline Exports Rise Even as Americans Pay More at the Pump.