New York Times: “Biden Seeks to Tame Oil Prices if Mideast Conflict Sends Them Soaring”
RFF President and CEO Richard G. Newell shares his expertise in an article about the possibility of the Biden administration authorizing releases from the US Strategic Petroleum Reserve.
The U.S. economy is also less vulnerable to a price spike than in previous decades because the country has become less dependent on foreign oil. The United States produced more than 400 million barrels of oil in July, a record.
“There’s still a lot of oil in the US strategic reserve, and the US is not in this alone,” said Richard Newell, president and chief executive of Resources for the Future, an energy-focused think tank. He noted that other countries had their own strategic reserves.
