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WASHINGTON, July 26 (Reuters) – The Biden administration does not plan to continue releases from the Strategic Petroleum Reserve (SPR) beyond the original six-month period, White House economic adviser Brian Deese said on Tuesday.
The administration said in late March it would release a record 1 million barrels of oil per day for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.
“As we sit here today, we don’t have an intention to continue that further,” Deese said.
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Reporting By Jarrett Renshaw
Editing by Chris Reese
Our Standards: The Thomson Reuters Trust Principles.
Read More: White House does not plan additional oil reserve releases beyond 6-month window