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: July 15, 2024
2024-07-15 - Here’s a roundup of the latest E&P headlines, including Freeport LNG’s restart after Hurricane Beryl and ADNOC’s deployment of AI-powered tech at its offshore fields.
TGS Grants Early Access to CCS Data Along Texas, Louisiana Gulf
2024-07-15 - TGS’ carbon storage dataset covers the available Texas General Land Office lease blocks and is scheduled for release in early August.
Goodbye Manual Control: Vital Energy’s Automation Program Boosts Production
2024-07-12 - Production, ESP efficiency soared when the company automated decisions with AI at the edge.
Where, When and How to Refrac—Weighing All the Options
2024-07-12 - Experts weigh in on strategic considerations when deciding how to rejuvenate production from a tired well.
US Drillers Cut Oil, Gas Rigs for Fifth Time in Six Weeks
2024-07-12 - The oil and gas rig count, an early indicator of future output, fell by one to 584 in the week to July 12.