President Biden speaks on the decision to release oil from the Strategic Petroleum Reserve: “I will do what needs to be done to reduce the price you pay at the pump.”
President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021's rapid rise in fuel prices.
U.S. oil dipped 1.9% to a session low of $75.30 per barrel following the announcement, before recovering those losses and moving into positive territory. The contract last traded 2.5% higher at $78.67 per barrel.Rebecca Babin, a managing director at CIBC Private Wealth US, noted that a release was "well telegraphed" and therefore already priced into the market.
"The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic," the White House said in a statement. In April 2020 the group made the unprecedented decision to remove nearly 10 million barrels per day from the market as the pandemic sapped demand for petroleum products. Other producers, including the U.S., also curbed production as oil prices plunged to never-before-seen lows.
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