Category: Strategic Petroleum Reserve (US)

Biden Seeks to Tame Oil Prices if Mideast Conflict Sends Them Soaring

The president has previously drawn down the Strategic Petroleum Reserve to ease price pressures, but that could be more difficult now
Gas Prices Have Crept Higher This Summer, a Challenge for the Fed

Now at their highest level in 11 months, they can complicate the Federal Reserve’s campaign to rein in inflation.
Biden Administration to Buy Three Million Barrels of Oil

The New York Times – Business:
The move appears to signal an end to the government’s effort to sell oil from a strategic reserve to help tamp down energy prices, which soared after Russia’s invasion of Ukraine.
Oil Prices Slide as Investors Worry Energy Demand Is Slowing

The New York Times – Business:
The U.S. benchmark oil price fell below $80 a barrel on Friday, and gasoline prices in some states are now close to $3 a gallon.
Exxon and Chevron Rack Up Giant Profits

The New York Times – Business:
Exxon Mobil and Chevron reported another round of strong profits. But they face political fire over gasoline prices, even as they fear a new downturn.
Exxon and Chevron Rack Up Giant Profits

The New York Times – Business:
A fourth straight quarter of robust results came on the back of high oil and natural gas prices.
Biden Expands Effort to Lower Gas Prices and Secure Energy Independence

The New York Times – Business:
Draining of emergency oil reserves draws criticism that the White House is trying to lower gas prices with midterm election politics in mind.
U.S. to Release Millions More Barrels of Oil to Contain Gas Prices

The New York Times – Business:
The Department of Energy will release 15 million more barrels from the Strategic Petroleum Reserve and plans additional releases this winter.
War Colliding With Recession Risks Leave Energy Markets on Uncertain Path

The New York Times – Business:
Russia’s invasion of Ukraine, along with governments’ reactions to that, might mean that prices rise. Or they could fall on fears of a global economic slowdown.