U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on April 16 when asked about future releases of crude oil from the Strategic Petroleum Reserve (SPR).
The Biden administration in 2022 sold 180 MMbbl of oil in about six months from the reserve, the largest ever SPR sale, in an attempt to lower gasoline prices after Russia invaded Ukraine.
Republicans slammed the sale, which in part pushed levels in the reserve to the lowest in about 40 years.
"The president did it (release oil from SPR) before ... and I think he wants to keep the price of gasoline affordable and he will do what he can to make sure that happens," Podesta said at the BNEF Summit in New York.
He stopped short of saying there would be a release from the SPR any time soon.
Meanwhile, the U.S. Department of Energy this month paused its oil repurchase for the SPR due to high oil prices.
The Energy Department has previously said it aims to purchase oil for the SPR at a price of $79/bbl or below, less than the average of about $95 it received for its 2022 emergency SPR sales.
Recommended Reading
E&P Highlights: April 29, 2024
2024-04-29 - Here’s a roundup of the latest E&P headlines, including a new contract award and drilling technology.
Kosmos Energy’s RBL Increased, Maturity Date Extended
2024-04-29 - Kosmos Energy’s reserve-based lending facility’s size has been increased by about 8% to $1.35 billion from $1.25 billion, with current commitments of approximately $1.2 billion.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-28 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-28 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.