The intent is to mitigate winter heating oil prices.
President Biden’s administration is considering the release of more crude oil from the nation’s Strategic Petroleum Reserve after the ongoing plan to sell oil from the emergency stockpile ends in October.
Energy Secretary Jennifer Granholm said the administration may continue to auction off oil barrels from the reserve past October to head off the possibility of increased oil prices later in the year.
The department has continued to release an average of 1 million barrels of oil each day for six months in a program that began in late March in an effort to bring down prices at the pump.
At present, home heating oil prices are around $6 per gallon and could increase by the end of the year to $8 or $9 per gallon.
As the Lord Leads, Pray with Us…
- For President Biden and his economic advisors as they assess the cost of oil and gas.
- For Secretary Granholm to seek God’s guidance as she oversees the continued sale of oil from the nation’s strategic reserve.
Sources: Reuters, CNN, Daily Caller, Wall Street Journal
