U.S. will use SPR barrels responsibly where it makes sense to stabilize markets

U.S. Deputy Power Secretary David Turk stated on Wednesday that the US has hundreds of thousands of barrels within the Strategic Petroleum Reserve, and Washington will attempt to use these barrels responsibly the place it is smart to stabilize markets.

Turk added that President Joe Biden has not taken any instruments off the desk to deal with excessive vitality prices, when requested whether or not the administration is contemplating limiting gasoline exports. Power markets have traded volatilely following Russia’s invasion of Ukraine in February.

Turk spoke on the Columbia World Power Summit in New York.

Earlier this 12 months, the Biden administration introduced the biggest sale ever from the reserve: 180 million barrels for six months starting in Could. Final month it prolonged that historic sale into November as solely about 155 million barrels had been offered. It now goals to promote 165 million by November. (Reporting by Stephanie Kelly; modifying by Jonathan Oatis)