Following the rejection of appeals by the United States for producing more oil by OPEC and its allies, the US President Joe Biden said on Saturday that the country has methods and strategies to address the issue of high oil prices because of the curbing of production and supply of oil by the oil-producing countries of the world.
"There are other tools in the arsenal that we have to deal with other countries at an appropriate time," Biden said when asked by a reporter at the White House whether he would authorize a sale from the U.S. Strategic Petroleum Reserve.
Appeals by the US to the oil cartel OPEC+, a group of oil-producing countries including Saudi Arabia, Russia, and other countries, of producing more oil and deviate from the group’s previous strategy of raising oil production by 400,000 barrels per day from December were rejected by the oil-producing countries on Thursday.
Consumers across the globe are feeling the pinch of increased oil prices as global crude prices have surpassed the $80 a barrel mark.
"I'm not anticipating that OPEC would respond, that Russia and/or Saudi Arabia would respond," Biden said. "They are going to pump some more oil. Whether they pump enough oil is a different thing."
The issue is slated to be discussed by his administration, Biden said.
"We can get more energy in the pipeline figuratively and literally speaking," he said.
According to the forecast of the Energy Information Administration, prices of gasoline dropping down to $3.05 a gallon in December, which is potentially not a level, said US Energy Secretary Jennifer Granholm, and added that the strategic reserve that the US has in its kitty would come into play.
She however said that the forecasts could change.
Any decision in using the reserve could be taken by the Biden, Granholm said. The strategic reserve of oil is held in a series of caverns on the Texas and Louisiana coasts
(Source:www.economictimes.com)
"There are other tools in the arsenal that we have to deal with other countries at an appropriate time," Biden said when asked by a reporter at the White House whether he would authorize a sale from the U.S. Strategic Petroleum Reserve.
Appeals by the US to the oil cartel OPEC+, a group of oil-producing countries including Saudi Arabia, Russia, and other countries, of producing more oil and deviate from the group’s previous strategy of raising oil production by 400,000 barrels per day from December were rejected by the oil-producing countries on Thursday.
Consumers across the globe are feeling the pinch of increased oil prices as global crude prices have surpassed the $80 a barrel mark.
"I'm not anticipating that OPEC would respond, that Russia and/or Saudi Arabia would respond," Biden said. "They are going to pump some more oil. Whether they pump enough oil is a different thing."
The issue is slated to be discussed by his administration, Biden said.
"We can get more energy in the pipeline figuratively and literally speaking," he said.
According to the forecast of the Energy Information Administration, prices of gasoline dropping down to $3.05 a gallon in December, which is potentially not a level, said US Energy Secretary Jennifer Granholm, and added that the strategic reserve that the US has in its kitty would come into play.
She however said that the forecasts could change.
Any decision in using the reserve could be taken by the Biden, Granholm said. The strategic reserve of oil is held in a series of caverns on the Texas and Louisiana coasts
(Source:www.economictimes.com)
