MOSCOW (Sputnik) – The administration of US President Joe Biden is ready to release oil from the country’s strategic reserves in order to avoid a summer fuel price hike as the November 5 election approaches in the United States, the Financial Times newspaper reported on Monday.
«We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers,» Amos Hochstein, senior advisor and deputy assistant to the president for energy and investment told the media, adding that if needed, Strategic Petroleum Reserve (SPR) has enough oil for an additional release.
«We will continue to purchase [oil] into next year, until we think that the SPR has the volume that it needs again to serve its original purpose of energy security,» the senior adviser said, outlining the Biden administration’s plans for the national reserve for the next year.
The US presidential election will be held on November 5. The main rivals in the race are Democrat Biden and his Republican predecessor, Donald Trump. Concerning the energy sector, as part of his campaign, Biden actively promotes green energy and the rejection of fossil fuels while Trump attacks him for accompanying price hikes and wants to boost the drilling industry.
