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
Diamondback Stockholders All in for $26B Endeavor Deal
2024-04-29 - Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources.
What's Affecting Oil Prices This Week? (April 29, 2024)
2024-04-29 - Stratas Advisors says even with the reported drawdown in U.S. crude inventories, the price of Brent crude oil remains below the upward channel that had been in place since January of this year.
Tivoli Midstream Buys Southeast Texas Coast Infrastructure
2024-04-29 - Tivoli Midstream acquired the Chocolate Bayou from Ascend Performance Materials, including storage and land for development.
Markman: Want CO2 Gone Now? Well, You Don’t Always Get What You Want
2024-04-29 - A slew of scenarios shows that climate goals can be achieved with the use of fossil fuels and CCUS.
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.