{"id":59797,"date":"2021-10-10T09:13:18","date_gmt":"2021-10-10T14:13:18","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59797"},"modified":"2021-10-10T09:13:18","modified_gmt":"2021-10-10T14:13:18","slug":"oil-prices-rebound-as-u-s-walks-back-plan-to-tap-strategic-petroleum-reserve","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59797","title":{"rendered":"Oil Prices Rebound As U.S. Walks Back Plan To Tap Strategic Petroleum Reserve"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Oil-Prices-Rebound-As-US-Walks-Back-Plan-To-Tap-Strategic-Petroleum-Reserve.html\">Oil Prices Rebound As U.S. Walks Back Plan To Tap Strategic Petroleum Reserve<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li>The U.S. Department of Energy is walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports<\/li>\n<li>The DoE isn\u2019t considering tapping the SPR \u201cat this time\u201d<\/li>\n<li>Goldman Sachs: SPR release would have limited impact on crude prices<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-10-07_onqscaz817.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2021-10-07_onqscaz817.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-10-07_onqscaz817.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>The U.S. Department of Energy is walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports, Bloomberg\u2019s Javier Blas reported on Twitter.<\/p>\n<p>According to\u00a0<a href=\"https:\/\/twitter.com\/JavierBlas\/status\/1446127051124064258\" target=\"_blank\" rel=\"noopener\">Blas<\/a>, the DoE isn\u2019t considering tapping the SPR \u201cat this time\u201d.<\/p>\n<p>The news comes shortly after Goldman Sachs estimated that if the DoE released oil from the SPR, it would likely be limited to just 60 million barrels\u2014posing a $3 downside risk to its year-end $90 barrel Brent forecast.<\/p>\n<p>A White House press briefing took a similar no-SPR tone.<\/p>\n<p>The Biden Administration will not make any predictions about releasing the SPR to alleviate high gasoline prices, Press Secretary Jen Psaki\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2021\/10\/06\/press-briefing-by-press-secretary-jen-psaki-october-6-2021\/\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0at the daily briefing on Wednesday.<\/p>\n<p>Psaki instead focused on the climate crisis, commenting on the fact that the matter was so urgent that it could not wait any longer.<\/p>\n<p>\u201cI\u2019m not going to make any prediction of that from here.\u201d<\/p>\n<p>The press secretary noted that the Administration took steps in the aftermath of Hurricane Ida, including by authorizing exchanges from the SPR with oil and refining firms.<\/p>\n<p>\u201cWe\u2019ve also taken steps into \u2014 including engaging with members of OPEC,\u201d Psaki said.<\/p>\n<p>\u201cBut I\u2019m not going to make any other predictions at this point in time. We\u2019re continuously monitoring. We\u2019ll look to take additional steps as needed,\u201d she added.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil Prices Rebound As U.S. Walks Back Plan To Tap Strategic Petroleum Reserve The U.S. Department of Energy is walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports The DoE isn\u2019t considering tapping the SPR \u201cat this time\u201d Goldman Sachs: SPR release [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2030,11731,592,5332,4275,20887],"class_list":["post-59797","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-gas-price","tag-julianne-geiger","tag-oil-price","tag-oilprice-com","tag-us-department-of-energy","tag-us-strategic-petroleum-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59797"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59797\/revisions"}],"predecessor-version":[{"id":59798,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59797\/revisions\/59798"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}