Rigzone: SPR should not be used to manipulate oil market.
The Strategic Petroleum Reserve (SPR) should not be used to manipulate the crude oil market or product markets. That is the long-held view of the Independent Petroleum Association of America (IPAA), the organization’s chief operating officer, Jeff Eshelman, highlighted in a statement sent to Rigzone recently. “It should be a safety net in case of disruption of crude oil supplies. Policy makers should oppose all non-emergency sales of oil,” Eshelman said. “We strongly oppose the use of oil stockpiles to affect gasoline prices. Market interference makes us all more vulnerable and is counterproductive to long term adjustments in the marketplace. A better solution is to enhance, not stifle or shut-down, America's leadership in natural gas and oil production,” the IPAA chief operating officer stated.
The problem is that Team Biden is clueless and only cares about poll numbers.