ICYMI – US DoE confirms no further SPR releases for now (d’uh)

Hardly surprising, but posting this in case there is any doubt. Energy Secretary Jennifer Granholm speaking with Reuters on Thursday.

• U.S. President Joe Biden’s administration is weighing the need for further releases of crude oil from the nation’s emergency stockpiles after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters on Thursday.
• A Department Of Energy official later said the White House was not considering new releases from the U.S. Strategic Petroleum Reserve (SPR) at this time beyond the 180 million barrels that the president announced months ago.

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The Biden administration has siphoned off about 1 million barrels of oil per day from SPR stockpiles.

While correlation is not causation the intent was to lower the price of gasoline, and the price of the fuel has dropped significantly.