Chancellor Amos Hochstein said in an interview with (CNN) that President Joe Biden was clear that he would continue to work to reduce prices for American consumers after the rise in energy prices since the beginning of the Russian-Ukrainian crisis.
Biden is due to make statements on gas prices Wednesday, including announcing further sales of the nation’s emergency oil reserves.
“During his remarks today, the president will focus on that everything we’re doing can continue and we could see additional SPR draws if needed,” Hochstein said.
“The president will also announce that we will renew the strategic oil reserves,” he added.
In addition to announcing a new withdrawal from the Strategic Petroleum Reserve, Biden will announce that the federal government plans to rebuild the Strategic Petroleum Reserve by buying oil at about $70 after selling it for $100.
“And that’s crucial, because that’s what US industry needs to know in order to invest today in increased production,” Hochstein said.
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