Energy

Releasing oil from reserves is a ‘bad policy choice’: Dan Brouillette

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The Biden administration’s decision to release oil from U.S. reserves is a “mistake,” former U.S. Energy Secretary Dan Brouillette said on Wednesday.

“I do think it’s a bad policy choice. There’s no question about that,” he told CNBC’s “Capital Connection” one day after President Joe Biden announced that 50 million barrels of oil would be released from the country’s Strategic Petroleum Reserve.

China, India, Japan, South Korea and the U.K. will also be releasing their oil reserves as part of global efforts by high energy-consuming countries to cool energy prices.

The SPR in the U.S. is a national security asset meant to protect the country and its citizens from supply disruptions, such as…



Source cnbc.com

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