Energy Secretary says President Biden looking at tapping strategic reserve as fuel prices rise

On Sunday, Energy Secretary Jennifer Granholm said that President Joe Biden is considering tapping into the Strategic Petroleum Reserve as crude oil prices rise. She also warned that heating prices for homes will be higher than the same period last year. 

Granholm said, in an interview with CNN’s “State of the Union,” that Biden is “looking at all the tools that he has” to confront increasing gas prices, which includes tapping into U.S. oil reserves. “That’s one of the tools that he has,” she said. “And he’s certainly looking at that.”

She also confirmed that heating homes will be more costly this season. “Yes, this is going to happen. It will be more expensive this year than last year,” she commented. 

Prices at the pump are the highest they have been in several years as the economy is still recovering from the pandemic-induced lows faster than producers can increase their output. President Biden has received plenty of criticism over the increased prices.

Granholm has answered many questions over the past month on what the Biden administration can do, and she has indicated that a possibility is releasing oi from the reserve. While cutting into the Strategic Petroleum Reserve is generally reserved for supply disruptions, it likely would not have a significant impact on gas prices.

Granholm also noted in the interview that Biden had called on the Organization of the Petroleum Exporting Countries (OPEC) to increase its output.

“The president is all over this. Of course, every president is frustrated because they can’t control the price of gasoline, because it’s a global market,” she commented. “You can call upon increased supply, which he has done, and OPEC is, unfortunately controlling the agenda with respect to oil prices. OPEC is a cartel and it controls over 50 percent of the supply of gasoline.” 




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