{"id":34869,"date":"2023-07-12T21:54:44","date_gmt":"2023-07-13T01:54:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/biden-will-refill-u-s-oil-reserve-if-he-gets-another-term-energy-sec-granholm\/"},"modified":"2023-07-12T21:54:45","modified_gmt":"2023-07-13T01:54:45","slug":"biden-will-refill-u-s-oil-reserve-if-he-gets-another-term-energy-sec-granholm","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34869","title":{"rendered":"Biden will refill U.S. oil reserve if he gets another term – energy sec. Granholm\u00a0"},"content":{"rendered":"
\n

Investing.com — President Joe Biden will likely see to it that America\u2019s heavily-drawn oil reserve is refilled although he might require another term of office to finish the task, Energy Secretary Jennifer Granholm said Wednesday.<\/p>\n

\u201cThe bottom line is we are going to replenish,\u201d Granholm said in an interview with CNN, referring to the Strategic Petroleum Reserve, or SPR.\u00a0<\/p>\n

Since Biden\u2019s term is ending in less than 18 months, \u201cI\u2019m not sure it\u2019ll be fully replenished,\u201d Granholm said. But she added: \u201cCertainly, the plan is this term and the next term to be able to do that.\u201d<\/p>\n

Biden is up for reelection in November 2024.<\/p>\n

His administration has leaned heavily on the SPR since late 2021 to offset tight crude supplies that had raised fuel costs for Americans. As of last month, the SPR’s crude balance was at its lowest since November 1983 after the release of about 200 million barrels or more over the past 18 months.<\/p>\n

Biden\u2019s use of the SPR has, however, been a highly-charged matter for oil bulls and his political opponents. Both sides accuse him of indiscriminately releasing hundreds ofMs of barrels from the stockpile to subdue crude prices and shore up his political standing with American voters \u2014 when the reserve is meant for emergency use, in times of critically short oil supply.\u00a0<\/p>\n

The president, in his defense, has said he was only acting to reduce record high pump prices of , which stood at above $5 per gallon last June and have fallen since to around $3.50. Biden blames last year\u2019s high crude oil prices for US inflation getting to four-decade highs of above 9% in June 2022.<\/p>\n

In recent months, the administration has moved to refill the SPR after canceling sales from the reserve mandated for 2024.<\/p>\n

Last week, the Department of Energy announced buying plans of about 6M barrels for the SPR, on top of a previously-stated 12M, and invited U.S. energy firms to offer their selling prices.<\/p>\n

The administration had previously stated that it intends to buy oil for the SPR at around $70 per barrel. At Friday\u2019s market settlement, U.S. crude\u2019s benchmark settled $75.75 a barrel.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — President Joe Biden will likely see to it that America\u2019s heavily-drawn oil reserve is refilled although he might require another term of office to finish the task, Energy Secretary Jennifer Granholm said Wednesday. \u201cThe bottom line is we are going to replenish,\u201d Granholm said in an interview with CNN, referring to the Strategic […]<\/p>\n","protected":false},"author":1,"featured_media":34870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-34869","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBiden will refill U.S. oil reserve if he gets another term - energy sec. 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