Granholm: SPR Release Is ' Doing Its Job' — But Gas Prices Is going to be ' Rough' ' With the End of the Year'


Throughout portions of an interview along with ABC News released upon Friday, Energy Secretary Jennifer Granholm argued that the discharge of oil from the Tactical Petroleum Reserve is “doing its job. ” Since the point of the release “is to stabilize the global market” for oil and cautioned that gas prices increases over the summer and the cost of gas prices will be “rough” “from now through the end of a year, really. ”

Granholm stated, “The point of this — it could be doing its job. As it is to stabilize the global industry. I mean, we happen to contain the largest tool of every country in terms of the volume of each of our strategic petroleum reserves. ”

ABC Reports Correspondent Alex Presha subsequently asked, “Do you feel just like we’re close to that stablizing? Do you think things are still visiting still continue to tick way up? ”

Granholm answered, “Well, we are opening the driving season, not alone in the United States, but in other parts worldwide, too. That means demand for oily fat products like gasoline increases. ”

In addition, she said, “The driving couple of years is beginning. There will be a lot more demand for gasoline, more with regard to oil. That will cause supplemental upward pressure, like it really does every year, but now it’s upon already high prices. Therefore , this is going to be an uneven or dimpled skin — from now in the end of the year, certainly. ”

Follow Ian Hanchett on Myspace @IanHanchett

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