White House does not plan additional oil reserve releases beyond 6-month window

WASHINGTON (Reuters) – The Biden administration does not plan to continue releases from the Strategic Petroleum Reserve (SPR) beyond the original six-month period, White House economic adviser Brian Deese said on Tuesday.

The administration said in late March it would release a record 1 million barrels of oil per day for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.

“As we sit here today, we don’t have an intention to continue that further,” Deese said.

(Reporting By Jarrett Renshaw; Editing by Chris Reese)

tagreuters.com2022binary_LYNXMPEI6P0WU-VIEWIMAGE