The country’s emergency crude stockpile -- called the Strategic Petroleum Reserve, or SPR -- played heavily in President Joe Biden’s strategy last year for curtailing global oil supply shortages and bringing down domestic fuel prices. The Biden administration has now turned its attention to refilling the SPR, which has seen some progress as well as some hiccups.
Skanda Amarnath, executive director of the macroeconomic policy think tank Employ America, joined the podcast to discuss the crude buyback effort and actions the Department of Energy might pursue in the coming months. He also gave his take on how the SPR could best be put to use, legislation backed by Republicans to put some checks on the DOE’s authority over the SPR and how last year’s unprecedented drawdown impacted US ties with major oil producing countries on the world stage.
Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.
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