Biden administration revisits Strategic Petroleum Reserve amidst rising fuel prices.

Sharing is Caring!

President Biden Is Ready to Use the SPR Again If Needed.

President Biden will use crude oil from the strategic petroleum reserve should the need arise, energy adviser Amos Hochstein has said, noting there was enough oil in the reserve.

“We have been replenishing into the SPR for the last several months. I think we have sufficient supply in the SPR to address any kind of concern in the economy if we need it,” Hochstein said, speaking at the Milken Institute Global Conference, as quoted by Reuters.

The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels at President Joe Biden’s inauguration to just 347 million barrels by the summer of 2023 as the administration tried to bring down gasoline prices for consumers by releasing over 180 million barrels from the SPR.

See also  US Producer Prices Accelerating At Fastest Rate In 12 Months (Has The Fed Lost Control Of Inflation?)
See also  Higher refinery costs could increase summer gasoline prices says US EIA
Views: 64

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.