Biden Could Dip Into Already-Depleted Oil Stockpile Again As Election Looms
The Biden administration is open to releasing more oil from the Strategic Petroleum Reserve (SPR) if prices rise in the coming months, a top adviser to the president told Financial Times. Amos Hochstein, a top energy…
The Biden administration is open to releasing more oil from the Strategic Petroleum Reserve (SPR) if prices rise in the coming months, a top adviser to the president told Financial Times.
Amos Hochstein, a top Energy aide for President Joe Biden, suggested that the administration could turn to the SPR to bring down prices if they surge in the coming months during an interview with Financial Times. The Biden administration released about 180 million barrels from the SPR in the months ahead of the 2022 midterm elections, when high Energy costs were causing political problems for Democrats, leaving the reserve near its lowest levels in about 40 years, according to the U.S. Energy Information Administration (EIA).
“We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers,” Hochstein told Financial Times. “I think that we have enough in the SPR if it’s necessary,” adding that prices are “still too high for many Americans.”