The Biden administration has spoken with energy companies as it considers a plan to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said. READ
The discussions, which involve combining new releases from the stockpile and setting the schedule for buying the oil back, reflect the White House’s desire to combat rising pump prices without hurting domestic drillers or refiners.
The administration has spoken with energy companies about buying back oil through 2025 to replenish the reserve, known as the SPR, the sources said, after Mr. Biden in March announced the biggest sale ever, 180 million barrels, from May to October. “The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying,” said a source familiar with the White House deliberations. “The White House did not like $4 a gallon gas and it has signaled that it will take action to prevent that again.”
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