WASHINGTON, Dec 2 — The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, US Deputy Energy Secretary David Turk told Reuters on Wednesday.
Turk added that the administration is also considering the merits of a proposal by some lawmakers to ban crude oil exports to keep domestic consumer fuel prices in check, and that the decision would ultimately rest with President Joe Biden. The unusual agreement among oil-consuming nations to coordinate stockpile releases was designed to tame soaring energy prices after the Opec producer group and its allies rebuffed repeated requests from Washington to pump more Opec to match rising demand as the world began to exit the pandemic.
“The metric of success for any policy from our end related to these issues is ‘what is the price at the pump’? ... not whether we get 50 million barrels out as quickly as we possibly can,” he said. The department would also offer 18 million barrels of oil for a sale that had been previously approved by Congress. The sale notice would be posted on Dec. 17 or before, it said.
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