One of Biden’s top energy aides confirmed Friday the administration won't extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.
The Strategic Petroleum Release “was really a stop-gap measure,” says Amos Hochstein, Biden’s Special Presidential Coordinator for International Energy Affairs. “We can't be an oil supplier. It's a reserve and so we have to keep that.”
He vowed that ending the releases won't spur supply shocks, noting that the private sector has assured him that it will be able to ramp up production once there's no longer access to the reserve.
“I myself had those conversations with the leadership of several of the companies,” added Hochstein, who formerly worked in the oil industry.
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Replacing a million bpd is not going to happen this year, thanks to supply chain issues.
Read more: https://www.msn.com/en-us/money/markets ... 33e345f135
SPR oil sales to stop soon - July 23
SPR oil sales to stop soon - July 23
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group