- Amos Hochstein, the Special Presidential Coordinator for Global Infrastructure and Energy Security, said yesterday that despite the recent drop in prices, the U.S. remains committed to refilling the SPR but will not rush to do so
- The U.S. should " wait and see how this crisis right now impacts the oil and industry, production and what the profile is," added Hochstein
- The SPR is currently at 371.6 MMBbl, the lowest level since the 1980s, as a result of the 180 MMBbl release last year to tame gasoline prices
- The Biden administration had previously laid out a plan to refill the SPR at prices around $70/Bbl
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The current planned additions to the SPR will terminate at the end of June. Maybe they will see where oil prices are at that point and start buying back then?
If they don't come through on previously announced plans to start buying back oil when prices were down to the current levels then they will destroy whatever credibility they have left regarding SPR refill plans, it would seem.
