The Strategist

US Department of Energy may unlock the country's oil reserves to stabilise prices

11/08/2021 - 12:28

The US government is considering unleashing the country's strategic oil reserves in order to keep market prices stable. Jennifer Granholm, the US Secretary of Energy, stated this in an interview with Bloomberg TV.

Ms. Granholm stated, "We are absolutely investigating the possibility [of delivering oil] from strategic reserves." She stated that US President Joe Biden's government was extremely concerned about global energy prices.

Joe Biden accused Russia and OPEC nations of inflating fuel costs by refusing to raise oil output in early November. In his opinion, one of the reasons of inflation in the United States is the conduct of big oil producers. According to Bloomberg, the US, India, Japan, and other big oil customers have been lobbying OPEC+ to increase oil output growth behind closed doors.

OPEC+ decisions, according to White House deputy press secretary Karine Jean-Pierre, are impacting gasoline prices in the United States. When asked why the US was not boosting output, she cited the country's free market system as an explanation.