How Saudi Arabia Took Advantage Of President Biden

How Saudi Arabia Took Advantage Of President Biden

Share to Linkedin JEDDAH, SAUDI ARABIA - JULY 15: US President Joe Biden (L) being welcomed by Saudi Arabian Crown ... [+] Prince Mohammed bin Salman (R) at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. (Photo by Royal Court of Saudi Arabia / Handout/Anadolu Agency via Getty Images) In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed "to reduce the impact of severe energy supply interruptions" such as that caused by the embargo. This crude oil is stored in underground salt caverns at four major oil storage facilities in the Gulf Coast region of the United States. There are two sites in Texas and two sites in Louisiana. There was once a period during which the U. S. was heavily dependent upon OPEC for oil imports. Just a few years ago, OPEC was responsible for about 40% of the oil we imported. Today, that has declined to about 10% as a result of the resurgence of U. S. oil production. The U. S. was a total petroleum net exporter in