Energy

Biden ready to release more oil reserves to cool price: Amos Hochstein

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A truck passes pumpjacks in the Belridge oil field on November 03, 2021 near McKittrick, California.

Mario Tama | Getty Images News | Getty Images

President Joe Biden’s administration stands ready to release even more barrels of oil from its strategic reserves should the need arise again, according to the U.S. State Department’s senior advisor for global energy security.

“Absolutely. This is a tool that was available to us and will be available again,” Amos Hochstein told CNBC’s Hadley Gamble in Dubai, the United Arab Emirates on Monday.

His comments come as energy analysts assess the effectiveness of a U.S.-led pledge to release millions of barrels of oil from strategic reserves after OPEC+…



Source cnbc.com

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