The Biden administration is considering releasing more oil from the Strategic Petroleum Reserve (SPR) if oil prices increase in the coming months, as confirmed by a top energy aide, Amos Hochstein.
Despite efforts to replenish the SPR, the stockpile remains below pre-drawdown levels.
“We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers,” Biden energy aide Amos Hochstein said. “I think that we have enough in the SPR if it’s necessary,” noting that prices are “still too high for many Americans.”
The national gas price average stands at around $3.45 per gallon, higher than in 2021 but lower than in 2022.
Oil price fluctuations have impeded refill attempts, with concerns about potential price spikes before the election.
The Department of Energy plans to release 1 million barrels of gas from the Northeast Gasoline Supply Reserve to address pump prices during the summer.
