{"id":854693,"date":"2021-10-06T23:58:46","date_gmt":"2021-10-07T03:58:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=854693"},"modified":"2021-10-07T08:25:53","modified_gmt":"2021-10-07T12:25:53","slug":"us-energy-secretary-says-tapping-emergency-oil-reserves-a-possible-tool-to-tame-fuel-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-energy-secretary-says-tapping-emergency-oil-reserves-a-possible-tool-to-tame-fuel-prices\/","title":{"rendered":"US Energy Secretary Says Tapping Emergency Oil Reserves a Possible \u2018Tool\u2019 to Tame Fuel Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-energy-secretary-says-tapping-emergency-oil-reserves-a-possible-tool-to-tame-fuel-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=854693&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Energy Secretary Jennifer Granholm on Wednesday said that the Biden administration is considering tapping the country\u2019s emergency oil reserves to tame soaring <a href=\"https:\/\/www.theepochtimes.com\/t-gasoline\">gasoline<\/a> prices, according to a Financial Times (FT) report.<\/p>\n<p>\u201cIt\u2019s a tool that\u2019s under consideration,\u201d Granholm said at an FT energy transition summit when asked the possibility of the United States tapping into its Strategic Petroleum Reserve (SPR) as fuel prices reach seven-year highs due to higher demand as the <a href=\"https:\/\/www.theepochtimes.com\/giving-the-right-name-to-the-virus-causing-a-worldwide-pandemic-2_3277200.html\">CCP (Chinese Communist Party) virus<\/a> pandemic eases.<\/p>\n<p>The U.S.-government owned SPR was established in 1973 and is located in the Gulf Coast region. It has a capacity of 727 million barrels, and the reserves are intended as a national security measure to support the United States in times of an energy emergency.<\/p>\n<p>It is \u201cthe world\u2019s largest supply of emergency crude oil,\u201d the Department of Energy\u2019s website <a href=\"https:\/\/www.energy.gov\/fecm\/services\/petroleum-reserves\/strategic-petroleum-reserve\">states<\/a>.<\/p>\n<p>Former President Barack Obama in June 2011 ordered the release of 30.6 million barrels in response to crude supply disruptions in Libya. <a href=\"https:\/\/www.reuters.com\/article\/us-usa-oil-obama-idUSTRE75M44D20110623\">Critics<\/a> at the time, including other <a href=\"https:\/\/www.theepochtimes.com\/t-opec\">OPEC<\/a> members, argued that the move was to\u00a0<a href=\"https:\/\/www.bakerinstitute.org\/media\/files\/files\/d7396022\/IFRI-pub-GlickStrategicOilReserves-2011.pdf\">satisfy voters<\/a> facing exorbitant fuel prices and unnecessary government interference in the market.<\/p>\n<p>Before that, in 2005,\u00a0George W. Bush released some 20.8 million barrels from the SPR after Hurricane Katrina devastated the Gulf Coast and caused a critical disruption in supply.<\/p>\n<p>The Biden administration is reportedly contemplating tapping the SPR as gasoline prices in the country have reached about $3.20 a gallon.<\/p>\n<p>The spike in gasoline prices comes as people return to work and travel more on signs that COVID-19 cases are easing and after OPEC+ oil producing countries agreed this week to keep crude supplies tight\u2014sticking to its July decision to boost output by 400,000 barrels per day each month until at least April 2022, to phase out its existing 5.8 million barrels per day of production cuts due to the pandemic.<\/p>\n<p>\u201cWe are scared of the fourth wave of corona; no one wants to make any big moves,\u201d an OPEC+ source told Reuters earlier this week.<\/p>\n<div class=\"morearticles\">\n<p><strong>Read More<\/strong><\/p>\n<div class=\"post_list\">\n<div class=\"article\"><a href=\"https:\/\/www.theepochtimes.com\/oil-extends-gains-after-opec-rejects-bigger-production-boost_4032423.html\">Oil Extends Gains After OPEC+ Rejects Bigger Production Boost<\/a><\/div>\n<\/div>\n<\/div>\n<p>High <a href=\"https:\/\/www.theepochtimes.com\/t-oil-prices\">oil prices<\/a> are a concern for the administration ahead of next year\u2019s midterm elections.<\/p>\n<p>According to the Energy Department, the SPR currently holds about 617.8 million barrels of crude, the lowest in about 18 years.<\/p>\n<p>The energy secretary on Wednesday also did not rule out banning exports of crude oil, which was lifted in 2015 when Obama was in office.<\/p>\n<p>\u201cThat\u2019s a tool that we have not used, but it is a tool as well,\u201d Granholm said, <a href=\"https:\/\/www.ft.com\/content\/42c9f6c3-ad59-42a3-b9c2-1d79850f96af\">FT reported<\/a>.<\/p>\n<p>The Epoch Times has contacted the White House for comment.<\/p>\n<p><em>Reuters contributed to this report.<\/em><\/p>\n<div class=\"one_author_block round\">\n<div class=\"top_row\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/WEB_IsabelVanBrugen.jpg\" alt=\"Isabel van Brugen\" \/><\/p>\n<div class=\"names\">\n<p>Isabel van Brugen<\/p>\n<p>Reporter<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Isabel van Brugen is an award-winning journalist and currently a news reporter at The Epoch Times. She holds a master&#8217;s in newspaper journalism from City, University of London.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Energy Secretary Jennifer Granholm on Wednesday said that the Biden administration is considering tapping the country\u2019s emergency oil reserves to tame soaring gasoline prices, according to a Financial Times (FT) &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-854693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/854693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=854693"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/854693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=854693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=854693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=854693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}