US energy secretary says tapping into oil reserves a possibility – The National

US energy secretary says tapping into oil reserves a possibility – The National

The US is looking into releasing emergency oil reserves in order to address gas prices at seven-year highs in the country, the energy secretary said on Wednesday.

“It’s a tool that’s under consideration,” Jennifer Granholm said at a Financial Times energy summit on the possibility of President Joe Biden opening up the US Strategic Petroleum Reserve.

With Americans increasingly hitting the road for work and travel as nationwide coronavirus cases are on the decline, US gasoline prices are currently averaging around $3.20 a gallon.