An undated photo provided by the Department of Energy shows crude oil pipes at the Bryan Mound site near Freeport, Texas. President Joe Biden is dipping again into the nation’s petroleum stockpile to try to corral rising energy prices.The White House announced Thursday, March 31, 2022, that Biden ordered the release of 1 million barrels of oil per day from the strategic petroleum reserve for the next six months.(Department of Energy via AP)
OilPrice.com: U.S. SPR Releases Set To End This Fall
* The U.S. will end SPR releases as scheduled this fall.
* Special Coordinator Hochstein: "We can't be an oil supplier. It's a reserve and so we have to keep that,"
* Hochstein doesn't expect end of SPR releases to result in oil price spikes.
The record-high release of crude oil from the U.S. Strategic Petroleum Reserve will end as scheduled this fall, the White House's Special Presidential Coordinator for International Energy Affairs Amos Hochstein told Yahoo Finance.
"We can't be an oil supplier. It's a reserve and so we have to keep that," Hochstein said, adding that he did not expect this to lead to price spikes because the oil industry was already preparing to increase production once the SPR release ended.
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Update: 'We can't be an oil supplier': Biden's adviser says oil reserve releases must end (Yahoo Finance)
WNU Editor: When President Biden announced the sale of this oil the Strategic Petroleum Reserve was holding more than 568 million barrels. When this sale is over in November the emergency reserve should be left with about 388 million barrels. The capacity of the reserve is 713.5 million barrels of crude oil.
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