Category: Strategic Reserve

White House Now Looking to Refill SPR at $70 per Barrel

November 30, 2022
Business & MarketseconomyenergyMarketsoil pricesSPR restockingStrategic ReserveUSUS Strategic Petroleum Reserve
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The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…

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Gasoline Prices Keep Climbing, but Retail Gas Station Margins Plunge, With Many Now ‘Under Water’

October 5, 2022
Business & MarketsCompanieseconomyenergygas stationsgasoline pricesinflationprofit marginsStrategic ReserveUSUS News
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Despite gas prices rising over the past weeks, retail gas stations are seeing their margins decrease, putting a strain on such businesses. The national average price of regular gas, as of Oct. 5, was $3.831 per gallon, up $0.26 from the previous day, $0.66 from a week back, and $0.45 a month ago, according to…

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White House Accuses OPEC of ‘Aligning With Russia’ as Biden Faces More Midterm Pressure

October 5, 2022
Business & MarketseconomyenergyExecutive BranchJoe BidenOPECPolicies & ImpactsPoliticsStrategic ReserveUSUS News
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The White House on Wednesday sharply criticized the Organization of the Petroleum Exporting Countries, or OPEC, after its members decided to implement a significant cut to oil production. The group of significant oil producers, which includes Saudi Arabia and Russia, announced it would slash oil production by 2 million barrels per day. For months, the Biden…

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