“We are actively working with countries around the world to evaluate a collective release from the Strategic Petroleum Reserves of major energy-consuming countries. And the United States will release additional barrels of oil as conditions warrant,” he said.
The Paris-based International Energy Agency is holding a last-minute meeting Tuesday on oil supply with the goal of “stabilizing markets,” it said earlier this week. The meeting with be chaired by US Secretary of Energy Jennifer Granholm.
Some background: Tapping the SPR – the stockpile of 600 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas – generally has only a limited effect on gas prices because of how much oil can be released at a time, but would act as a political sign that Biden is confronting the problem.