OIL ICYMI – US energy Secretary says Biden would veto House Republican bill on oil reserve | Forexlive

Energy Secretary Jennifer Granholm spoke on Monday, US time, at a White House press briefing.

In summary, via Reuters:

• President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress
• The bill, called HR21, would prohibit the energy secretary from tapping the SPR without producing a plan to increase oil and gas leasing on federal lands – unless the release is for a severe oil supply emergency.
• “He will not allow the American people to suffer because of the backwards agenda that House Republicans are advancing” Granholm, speaking to reporters at a White House briefing, said of Biden.

Biden drew from the SPR multiple times to address high oil prices from H1 last year: