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SPR Repurchases at Around $70/bbl: Hochstein

OIL

Presidential advisor Amos Hochstein commented on US energy measures in an interview with CNBC yesterday:

  • “oil prices are a bit higher than they should be” - “we need to turn our efforts to making sure to not only bring prices down, but we have all the security of supply that we need for the energy system in the United States.”
  • “the releases from the SPR were a critical part of bringing prices down – just imagine if we had not increased supplies by1mn bpd…”
  • “the President would like to replenish in full what we have released [from the SPR]” - “when prices start reaching the $70 mark…we will look to repurchase oil into the SPR” - “we need to have an SPR fuller than it is now for energy security.”
Energy BulletsCommodities
Energy BulletsCommodities

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