19 January 2023 | Other

U.S. Energy Secretary warns of the oil price growth caused by new law of Republicans

U.S. energy head Jennifer Granholm states that the limitation of presidential authorities to utilize the Strategic Petroleum Reserve (SPR) will threaten national security and will provoke the price growth and deficit of oil. 

Joe Biden tapped SPR several times in 2022 to manage the growth of gasoline prices and irregular oil supplies. Since at least 1983, sales have reduced the reserve to almost 380 million barrels.

Republican Representative Cathy McMorris Rodgers introduced the law that will limit the presidential authorities to utilize SPR oil, except in cases of serious energy supply interruption.  

Granholm thinks that this step will seriously weaken the key instrument of energy security. It will provoke the growth of gasoline prices and the deficit of oil during the crises.

Before 2022 SPR was taped only in cases of serious problems with supplies, as it was after Hurricane Katrina in 2005. Republicans suppose that the president used SPR to get popular support before the midterm elections.

Company MarketCheese
Period: 30.06.2026 Expectation: 3300 pips
Buying USDCAD up to 1.41500
Yesterday at 11:21 AM 21
Period: 17.04.2026 Expectation: 700 pips
AUDCAD is at risk of correction amid fragile Middle East truce
Yesterday at 10:34 AM 19
Gold buy
Period: 30.04.2026 Expectation: 800 pips
Invest in gold once $4,800 gives way
Yesterday at 09:23 AM 39
Brent sell
Period: 17.04.2026 Expectation: 630 pips
Brent crude sell-off targets $92.5
Yesterday at 08:44 AM 22
Period: 17.04.2026 Expectation: 920 pips
Friday profit-taking puts GBPUSD buyers on sidelines
Yesterday at 06:52 AM 20
Period: 30.06.2026 Expectation: 3000 pips
Buying USDJPY up to 162.00
09 April 2026 60
Go to forecasts