US Energy Secretary Wright says there could be another release from the strategic petroleum reserve, but thinks that is highly unlikely, via CNBC TV
Newsquawk Staff ·
- There are things the US can do on refinery efficiencies to help knock down fuel prices.
- Looking at more levels we can pull to deal with the price of oil.
- Has some ideas to bring more diesel to the market, and I think we will see that happen.
- Does not want to block exports of US oil.
What it means
The statements from US Energy Secretary Wright suggest a potential for further action from the US regarding oil prices, although he deems another release from the strategic petroleum reserve as unlikely. His focus on refinery efficiencies and increasing diesel supply indicates a desire to mitigate rising fuel costs without curtailing oil exports, which may lend support to oil prices in the near term. Overall, this stance reflects ongoing efforts to balance domestic energy costs with market dynamics.
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