The Wire - May 22, 2024

//The Wire//2130Z May 22, 2024//

//ROUTINE//

//BLUF: U.S. TAPS NORTHEAST GASOLINE RESERVE. U.K. PM CALLS FOR NEW ELECTIONS.//

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-International Events-

United Kingdom: PM Rishi Sunak has called for a snap election, scheduled to take place on July 4th.

-HomeFront-

California – Yesterday a judge dismissed the criminal felony convictions of five former Navy officers as part of the infamous “Fat Leonard” corruption scandal. All five officers had admitted to, and were convicted of, receiving bribes as part of the 2013 investigation. AC: The Fat Leonard corruption scandal is one of the most widely-documented and infamous cases of military corruption to strike the Pentagon within recent memory. Allegedly, these convictions were dismissed at the request of the U.S. government, however this cannot be independently confirmed at this time with any certainty.

Washington D.C. – The White House authorizes the release of 1 million barrels of gasoline from the Northeast Strategic Reserve allegedly to combat high gas prices.

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Analyst Comments: This strategic reserve release (amid reports of a highly kinetic hurricane season looming) is probably intended to remove strategic assets rather than reduce gas prices. Gas prices during this year’s Memorial Day travel weekend are unlikely to be affected much by a strategic release either. Per the U.S. Energy Information Administration (EIA), last year the United States averaged using around 376 million gallons of gasoline per day. For perspective and scale, the release of one million barrels (42 million gallons) from a strategic reserve could fuel the United States’ gasoline requirements for a little over 2.6 hours.

Analyst: S2A1

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