Amos Hochstein is the Special Presidential Coordinator for Global Infrastructure and Energy Security.
Says
- the US has sufficient supply in Strategic Petroleum Reserve (SPR) to address any supply concerns
- the Biden administration is monitoring markets
I don't know what brought on this remark.
Oil update:
The SPR is near 40-year lows. The US administration sold heavily from the Reserve when oil prices spiked after Russia's 2022 invasion of Ukraine.
The administration has targeted US$79/bbl to buy back supply, and has thus held back from purchases as crude trades higher.
