Daily Management Review

U.S. will not extend six-month intervention in oil market


According to White House economic adviser Brian Deese, the U.S. administration would not extend its six-month limit on commodity interventions in the oil market.

Peter Griffin
Peter Griffin
U.S. authorities declared in late March that they would be releasing one million barrels a day for six months from the strategic reserve in an effort to lower soaring fuel costs.

In a press briefing, Deese said, "As of today, we have no intention of extending it further."

He made it clear that he believes increased oil output in the United States will eliminate the need for further strategic reserve spending.

The gradual decrease in fuel prices that has persisted on the domestic market over the past few weeks is being attributed to the White House.

source: cnn.com