Lisa Murkowski: “Let me tell you what is happening to that. The administration forgot a very important detail when they put that oil up…”

“Let me tell you what is happening to that. The administration forgot a very important detail when they put that oil up to bid for the refiners. They didn't mandate that the crude oil be refined into heating oil or that it be used to build inventories here in the United States for the benefit of the Northeast States that need that heating oil inventories built up. What will happen to the crude oil or refined product? It will go into the marketplace, and it is going to Europe because Europe is paying a higher price for heating oil than the United States. Currently, 167,000 barrels a day of distillate is exported. Let me tell you what came out of the Houston Chronicle, and I quote: The buyers can do what they wish with the oil, such as sell or swap it, said Department of Energy spokesperson Drew Malcomb, although whoever ends up with the oil has to get it out of storage by the end of November. The extra crude won't result in any additional heating oil because all the heating oil facilities already are operating at maximum capacity, Brown said. There you have it.…”