A top Biden administration official said the president is prepared to release more crude oil from the Strategic Petroleum Reserve to lower prices after it announced a 50 million barrel release last week.
Amos Hochstein, the senior energy security adviser at the State Department, said opening the reserve was among the tools the administration had at its disposal and "will be available again" if necessary.
Hochstein made his comments during an interview with CNBC on Monday, drawing a distinction between the 32 million barrels to be made available under the Energy Department's exchange authority and the 18 million to be offered to companies in an accelerated sale.
“Remember, this was not a 50 million barrel release; 30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished,” Hochstein said --->READ MORE HERE
Today in "the left hand doesn't know what the right hand is doing" news...
Remember that big release of 50 million barrels of oil from the Strategic Petroleum Reserve? Let us jog your memory: it was the hallmark solution proposed by the Biden administration to try and address soaring energy costs for Americans.
Well, it turns out that most of that oil is going to wind up in China and India, Fox News reports. Both countries have been "actively purchasing U.S. sour crude oil produced in the Gulf of Mexico".
Sour crude is appealing to foreign buyers due to its affordable price, which comes from its high sulfur content. This also makes it tougher to refine and process. --->READ MORE HEREFollow links below to related stories:
GOP proposes blocking Strategic Petroleum Reserve releases without plan to boost production
Much of Biden’s Oil Release Will Likely End Up in China, India
Oil reserves released by Biden expected to primarily go to China, India
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