Oil Surges After Energy Department Says No Plan To Tap Oil Reserves

Oil Surges After Energy Department Says No Plan To Tap Oil Reserves

So much for the threat that the Biden admin would sell oil from the Strategic Petroleum Reserve.

Moments ago, in response to mounting concerns that the US would sell up to 60 million barrels of oil from the SPR (discussed earlier), the Energy Department has no plan to take action “at this time” to tap into the nation’s oil reserves, an Energy Department spokesperson said Thursday. The comments come after a report yesterday about U.S. energy secretary Jennifer Granholm raising the prospect of releasing crude oil from the strategic petroleum reserve.

The news sent oil sharply higher, with both WTI and Brent spiking more than $1 on the news.

Tyler Durden
Thu, 10/07/2021 – 10:41

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