US Could Reopen Strategic Oil Reserve Soon, Biden Adviser Says

Published on June 17, 2024

The Biden administration may again release oil from the U.S. strategic stockpile to deal with a spike in gas prices over the summer, said a top White House aide. Amos Hochstein, an economic and energy adviser for President Joe Biden, told the Financial Times in an exclusive interview that the administration could use the strategic petroleum reserve (SPR) to bring down gas prices. The administration released about 180 million barrels from the reserve in 2021 and 2022 ahead of the midterm elections and amid the war in Ukraine. “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,” Mr. Hochstein told the UK-based newspaper. “I think that we have enough in the SPR if it’s necessary,” he added, saying that he believes prices are “still too high” for many Americans....

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