Energy & Environment

Granholm says Biden ‘looking at’ tapping strategic reserve as fuel prices rise

Energy Secretary Jennifer Granholm (D) said Sunday that President Biden is considering tapping into the nation’s Strategic Petroleum Reserve amid rising crude oil prices. 

During an appearance on CNN’s “State of the Union,” Granholm told host Dana Bash that Biden is looking at every tool at his disposal to address high gas prices in the U.S. 

Granholm noted that Biden had already asked the Organization of the Petroleum Exporting Countries to increase supply, but it declined. 

“That is going to increase the chokehold on access to affordable fuel at the pump, and so the president is looking at all of the tools that he has,” Granholm told Bash. 

“What about the Strategic Petroleum Reserve?” Bash asked Granholm. 

“That’s one of the tools that he has, and he’s certainly looking at that,” Granholm told Bash. 

Granholm also warned Bash that Americans will have to pay more for heating this winter due to supply chain issues caused by the COVID-19 pandemic. 

“We are in a slightly beneficial position, certainly relative to Europe, because their chokehold of natural gas is very significant. They’re going to pay five times higher,” Granholm told Bash. 

“But we have the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires,” she added. “That’s why the president has been focused on both the immediate term and the long term.”

Tags CNN Dana Bash Jennifer Granholm Joe Biden rising gas prices
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