Posted on 11/07/21
| News Source: The Hill
Energy Secretary Jennifer Granholm (D) said Sunday that President Biden is considering tapping into the nation’s Strategic Petroleum Reserve amid rising crude oil prices.
During an appearance on CNN’s “State of the Union,” Granholm told host Dana Bash that Biden is looking at every tool at his disposal to address high gas prices in the U.S.
Granholm noted that Biden had already asked the Organization of the Petroleum Exporting Countries to increase supply, but they declined.
"So, that is going to increase the choke hold on access to affordable fuel at the pump. And so the president is looking at all of the tools that he has,” Granholm told Bash.
“What about the Strategic Petroleum Reserve?” Bash asked Granholm.
“That's one of the tools that he has. And he's certainly looking at that,” Granholm told Bash.
Granholm also warned Bash that Americans will have to pay more for heating this winter due to supply chain issues caused by the COVID-19 pandemic.
“We are in a slightly beneficial position, certainly relative to Europe, because their choke hold of natural gas is very significant. They're going to pay five times higher,” Granholm told Bash.