Last week, the Biden Administration announced that it intends to refill the SPR when oil prices fall below $72, hoping to assure producers of long-term demand.
- Oct 24, 2022, 7:00 AM CDT
The American Petroleum Institute has reiterated its call for the White House to focus on long-term policies that spur investment in U.S. energy.Oil prices are unlikely to drop to the level the U.S. Administration has said would trigger purchases for refilling the Strategic Petroleum Reserve , U.S. oil executives and analysts say, suggesting that the shale patch will not boost production in response to President Biden’s plan to increase output in the short term.
The Administration hopes that the plan to refill the reserve will help stimulate greater domestic oil production as it would signal stable long-term demand..