Biden Admin takes additional energy measures | Rigzone

President Biden is asking his administration to take additional steps to strengthen energy security, address supply shortages and reduce costs.

So says a new fact sheet posted on the White House website, adding that Biden pledges to do everything in his power to respond to “Putin’s price hike at the pumps.” “.

“First, the Department of Energy (DOE) issues a notice of sale… [on October 19] for 15 million barrels of Strategic Petroleum Reserve (SPR) to be delivered in December,” the fact sheet states.

“This sale will complement the historic withdrawal of 180 million barrels announced by the President in the spring, which has helped stabilize crude oil markets and reduce prices at the pump. The President also asks the DOE to be prepared to moving forward with significant additional SPR sales this winter if necessary due to Russian or other actions disrupting global markets,” the fact sheet adds.

“Second, the President announces that the Administration intends to repurchase crude oil for the SPR when prices are at or below approximately $67-72 per barrel, adding to global demand when prices are around this range…Third, the President is calling on businesses to immediately pass lower energy costs on to consumers,” the fact sheet continues.

In a statement posted on its website, the US DOE announced that a notice of sale for up to 15 million barrels of crude oil to be delivered from the SPR in December 2022 will go live today.

“Withdrawals have been a stabilizing force in the volatile energy market, and recent Treasury Department analysis finds that SPR releases this year, along with coordinated releases from international partners, have lowered gasoline prices. up about 40 cents per gallon over what they would have been in the absence of these levies,” the DOE noted in the release.

The DOE revealed that it plans to release up to three million barrels of sour crude oil and up to 12 million barrels of sweet crude oil, with deliveries from December 1, 2022 through December 31, 2022.

To contact the author, send an e-mail andreas.exarheas@rigzone.com

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