Commodities News

All options on the table to address high oil prices, White House says

The Biden administration is in talks with both oil-producing and consuming countries to tackle high oil prices, White House spokeswoman Jen Psaki said on Tuesday, adding that all options are on the table.

“With oil producing countries, we’re talking about proposed production increases. With oil consuming countries, we’re talking about releases from strategic reserves,” Psaki told reporters.

In November, the United States announced plans to release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, but prices are at just below seven-year highs.

Asked if there would be further cooperative releases of strategic oil reserves with other countries, Psaki added: “All options remain on the table.”

She said: “Nobody should hold back supply at the expense of the American consumer, particularly as the recovery from the pandemic continues and oil producers around the world have the capacity to produce at levels that match demand and reduce the high prices.”

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