President Joe Biden’s Department of Energy (DOE) is emptying the Strategic Petroleum Reserve (SPR) of a crucial kind of oil that domestic refiners can easily process, which could cause oil prices to skyrocket, experts told the DCNF.
American refiners prefer medium-sour crude as they can easily process it into gasoline and other fuel products, according to Bloomberg. The DOE released 4.6 million barrels of medium-sour crude oil from the SPR in late July, meaning that the reserve now has more light-sweet crude than sour — 235 million barrels to 234.9 million — which could raise fuel costs, experts say.
“It is going to cause major problems down the road,” Tracy Shuchart, a partner at Intelligence Quarterly, told the Daily Caller News Foundation.
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Why draining of SPR could cause higher fuel prices in 2023
Why draining of SPR could cause higher fuel prices in 2023
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group