U.S. Deputy Energy Secretary David Turk said on Wednesday that the United States has millions of barrels in the Strategic Petroleum Reserve, and Washington will try to use those barrels responsibly where it makes sense to stabilize markets.
Turk added that President Joe Biden has not taken any tools off the table to address high energy costs, when asked whether the administration is considering limiting fuel exports. Energy markets have traded volatilely following Russia’s invasion of Ukraine in February.
Turk spoke at the Columbia Global Energy Summit in New York.
Earlier this year, the Biden administration announced the largest sale ever from the reserve: 180 million barrels for six months beginning in May. Last month it extended that historic sale into November as only about 155 million barrels had been sold. It now aims to sell 165 million through November. (Reporting by Stephanie Kelly; editing by Jonathan Oatis)