SPR releases cannot be the center of this Administration’s strategy to confront inflation and high energy prices. At best, SPR releases are a short-term fix, they are not a solution. Stability and certainty is what global crude oil markets crave.
AFPM President and CEO Chet Thompson issued the following statement in response to the White House’s latest announcement of a release of crude oil from the SPR: “The SPR was never meant to serve as a substitute for actual crude oil production. At best, SPR releases are a short-term fix, not a long-term solution or signal of stability to a market craving reassurance..."
AFPM President and CEO Chet Thompson issued the following statement regarding President Biden’s suggestion that a Windfall Profit Tax should be considered to address fuel supplies and prices: “Once again, the President is more worried about political posturing before the Midterms than he is about advancing energy policies that will actually deliver for the American people."
Restricting exports would be a major unforced error for the President, tightening global fuel supplies, throttling U.S. fuel production and increasing costs for American consumers. Likewise, imposing product inventory requirements boils down to siphoning gasoline and diesel into storage, and away from consumers.
