https://sputnikglobe.com/20220726/us-does-not-plan-to-release-more-oil-from-reserves-after-6-month-period---white-house-1097832716.html
US Does Not Plan to Release More Oil From Reserves After 6-Month Period - White House
US Does Not Plan to Release More Oil From Reserves After 6-Month Period - White House
Sputnik International
WASHINGTON (Sputnik) - The United States does not plan to release additional oil from the Strategic Petroleum Reserve (SPR) after the six-month period to which... 26.07.2022, Sputnik International
2022-07-26T22:11+0000
2022-07-26T22:11+0000
2022-07-26T22:11+0000
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joe biden
us oil reserves
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In March, the Biden administration said it would release one million barrels of oil per day from the US strategic reserve for six months in order to help stabilize prices.Deese said the six month release of oil from the US reserve was to give private oil companies in the United States enough time to increase production to a million barrels a day by October.Between the end of February and April, the Biden administration took an average of 3 million barrels out of the SPR every week to help meet domestic refiners’ demand for crude.The Biden administration’s biggest SPR releases commenced in May onward with the plan of releasing one million barrels per day over a period of 180 days.
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US Does Not Plan to Release More Oil From Reserves After 6-Month Period - White House
WASHINGTON (Sputnik) - The United States does not plan to release additional oil from the Strategic Petroleum Reserve (SPR) after the six-month period to which the Biden administration committed, White House Economic Adviser Brian Deese said during a press briefing at the White House.
In March, the Biden administration said it would release one million barrels of oil per day from the US strategic reserve for six months in order to help stabilize prices.
"As of today, as we sit here today, we don't have an intention to continue that further," Deese said on Tuesday. "What we need is the private sector to come in and and provide that production. We have that resource and it has provided a valuable role but it's not intended to be a permanent solution."
Deese said the six month release of oil from the US reserve was to give private oil companies in the United States enough time to increase production to a million barrels a day by October.
Between the end of February and April, the Biden administration took an average of 3 million barrels out of the SPR every week to help meet domestic refiners’ demand for crude.
The Biden administration’s biggest SPR releases commenced in May onward with the plan of releasing one million barrels per day over a period of 180 days.
