President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, in a bid to control energy prices that have spiked as the US and allies have imposed steep sanctions on Russia over its assault of Ukraine.
Still, oil producers have been more focused on meeting the needs of investors, according to a survey released last week by the Dallas Federal Reserve. About 59 percent of the executives surveyed said investor pressure to preserve "capital discipline amid high prices was the reason they weren't pumping more, while fewer than 10 percent blamed government regulation.
Source: Energy Industry News (energyindustrynews.net)
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