‘Out of bullets’: Biden admin fears the return of $5 per gallon after they drained strategic oil reserves
October 25, 2023 | Nick PopeSome officials within the Biden administration reportedly fear the possible return of high gas prices, especially given their decision to release huge quantities of oil from the Strategic Petroleum Reserve (SPR) in 2021 and 2022, The New York Times reported Wednesday.
Biden administration officials are sensitive to the possibility that gas prices could exceed $5 per gallon again, which occurred briefly in 2022, according to the Times. The administration tapped into the SPR to bring down prices then, but they have not offset those releases, and the steps taken to bring down gas prices in 2022 may not work as effectively this time around in the event of a fresh price shock.
“They succeeded last year in the second half, but this year I think they’ve kind of run out of bullets,” Amrita Sen, director of research at Energy Aspects, told the Times of the administration’s SPR drawdowns. “They got a little overconfident that prices would stay low,” she continued, adding that “in some ways, they’ve missed the boat.”
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