US ready to re-release strategic oil reserves if gasoline prices soar

The English Financial Times (FT) reported on the 17th that the US Biden administration is preparing to release strategic petroleum reserves (SPR) again in order to stop the rise in gasoline prices this summer.

Amos Hochstein, senior adviser to the US president (in charge of energy and investment), told the FT that crude oil prices “are still too high for many Americans,” and “I hope they fall a little more.”

Regarding SPR supplementation, it was stated that “purchases will continue until next year toward the level necessary to fulfill the original purpose of energy security.”

In 2022, the Biden administration released 180 million barrels, the largest ever, from SPR in order to suppress the rise in crude oil prices associated with Russia's invasion of Ukraine.

SPR has fallen to its level for the first time in 40 years.

Beginning this year, the Department of Energy is purchasing approximately 3 million barrels per month for SPR.

US Energy Secretary Granholm expressed the view to Reuters this month that SPR's replenishment pace could be accelerated in the future.