Home Economy With Gas Prices High, Calls Grow to Tap Strategic Oil Reserve

With Gas Prices High, Calls Grow to Tap Strategic Oil Reserve

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As gasoline prices and inflationary pressures have climbed in recent weeks, calls have been growing in Congress for the Biden administration to tap into the nation’s Strategic Petroleum Reserve.

The Senate majority leader, Chuck Schumer, added his voice over the weekend. “We need immediate relief at the gas pump, and the place to look is the Strategic Petroleum Reserve,” Mr. Schumer, a New York Democrat, said at a news conference.

Energy Secretary Jennifer M. Granholm has said such a release is one measure that the administration is considering to calm energy markets, along with urging Saudi Arabia and other foreign producers to lift petroleum output.

People who support such a release have said a sale from the reserve with oil prices over $80 a barrel would not only increase supplies and reduce prices at the pump but also produce billions of dollars of revenue for the federal government.

Storing roughly 620…

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