The US does not plan to extend oil releases from its Strategic Petroleum Reserve (SPR), which are scheduled to end in the fall, Amos Hochstein, US President Joe Biden’s Special Presidential Coordinator for International Energy Affairs, said in an interview with Yahoo Finance on Friday.
“We can’t be an oil supplier. It’s a reserve and so we have to keep that,” Hochstein was cited as saying. He noted that tapping the reserve “was really a stop-gap measure,” and other steps must be taken in order to lower the prices at the pump.
According to Hochstein, US oil producers assured him they will be able to increase production.
“I myself had those conversations with the leadership of several of the companies,” he added, noting that some of them have already launched the processes needed to boost output.
The official noted that this should allow…
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