Commodities and Futures News
White House does not plan additional oil reserve releases beyond 6-month window
2022.07.27 00:02
FILE PHOTO: White House economic advisor Brian Deese speaks during a briefing about the bipartisan infrastructure law at the White House in Washington, U.S., May 16, 2022. REUTERS/Elizabeth Frantz
WASHINGTON (Reuters) – The Biden administration does not plan to continue releases from the Strategic Petroleum Reserve (SPR) beyond the original six-month period, White House economic adviser Brian Deese said on Tuesday.
The administration said in late March it would release a record 1 million barrels of oil per day for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.
“As we sit here today, we don’t have an intention to continue that further,” Deese said.
