Biden aide reveals how US plans to tackle gas prices – RT Business News
The United States does not plan to extend oil releases from its Strategic Petroleum Reserve (SPR), which are expected to end in the fall, said Amos Hochstein, U.S. President Joe Biden’s special presidential coordinator for international energy affairs. , in an interview with Yahoo Finance on Friday.
« We cannot be an oil supplier. It’s a reserve and so we have to keep itsaid Hochstein. He noted that by tapping on the reserve « was really a stopgap measure,and other measures must be taken to bring down prices at the pump.
According to Hochstein, American oil producers assured him that they would be able to increase production.
« I myself have had these conversations with the leaders of several companieshe added, noting that some of them have already initiated the necessary processes to increase production.
The official noted that this should allow the United States to secure its oil supplies for next fall and dispel fears of price spikes.
« There is a bit of hysteria at the moment in the analysis of the oil markets“, he said, but said the concern was overblown, especially since some experts had predicted record gasoline costs during the peak summer driving season, but prices have instead come down.
On Saturday, the price of West Texas Intermediate crude oil futures was just over $95 a barrel, and the average U.S. pump price was $4.38 a gallon, in down from the record high of $5 a gallon set last month. Gasoline prices in the country have fallen for 38 consecutive days, « among the fastest for more than a decade,according to Cecilia Rouse, president of the Council of Economic Advisers.
Hochstein had predicted earlier that gasoline prices would soon be « go down more to $4and reiterated that forecast to Yahoo Finance, saying Washington will do everything in its power to drive prices down.
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