Not only did idiot Biden release 50 million barrels from our strategic oil reserve (which is supposed to only be used in emergencies), but he said brent crude oil prices skyrocketing over $2 PER barrel today, after a steady decline for the last couple of weeks. Then, you take the number 50 million barrels, sounds like a lot right? Wrong. America consumes on average between 18-19 million barrels of oil per day. So Biden’s “strategic release” of oil lasts about 3 days at most. Yippie!
The 50 million barrels was based on 2020 totals, when total travel and oil usage was way down because of the pandemic. So the 18 million barrels a day is a low total.
Crude oil and other liquids produced from fossil fuels are refined into petroleum products that people use for many different purposes. Biofuels are also used as petroleum products, mainly in mixtures with gasoline and diesel fuel.
Petroleum has historically been the largest major energy source for total annual U.S. energy consumption. We use petroleum products to propel vehicles, to heat buildings, and to produce electricity. In the industrial sector, the petrochemical industry uses petroleum as a raw material (a feedstock) to make products such as plastics, polyurethane, solvents, and hundreds of other intermediate and end-user goods.
In 2020, U.S. petroleum consumption averaged about 18.12 million barrels per day (b/d), which included nearly 1 million b/d of biofuels.1 U.S. total petroleum consumption was about 13% lower in 2020 than the levels in 2018 and 2019 largely because of responses to the COVID-19 pandemic. Consumption of most petroleum products in 2020 was lower than in 2019.