Biden admin talks with energy firms as it seeks to balance oil prices | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
May 28, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, MAY 28, 2025
Biden admin talks with energy firms as it seeks to balance oil prices

Global Economy

Reuters
18 October, 2022, 12:35 pm
Last modified: 18 October, 2022, 12:47 pm

Related News

  • Trump says he's revoking Biden's security clearance
  • Nvidia criticizes reported Biden plan for AI chip export curbs
  • Biden set to push new Russia sanctions before Trump era begins
  • Biden declares 9 January national day of mourning for Jimmy Carter
  • Oil prices set for weekly gain on China stimulus optimism

Biden admin talks with energy firms as it seeks to balance oil prices

Reuters
18 October, 2022, 12:35 pm
Last modified: 18 October, 2022, 12:47 pm
U.S. President Joe Biden attends a press conference at Akasaka guest house, in Tokyo, Japan, May 23, 2022. Nicolas Datiche/Pool via REUTERS
U.S. President Joe Biden attends a press conference at Akasaka guest house, in Tokyo, Japan, May 23, 2022. Nicolas Datiche/Pool via REUTERS

The Biden administration has spoken with energy companies as it considers a plan to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said.

The discussions, which involve combining new releases from the stockpile and setting the schedule for buying the oil back, reflect the White House's desire to combat rising pump prices without hurting domestic drillers or refiners.

Rising retail gasoline prices have helped boost inflation to the highest in decades, posing a risk to Biden and his fellow Democrats ahead of the Nov. 8 midterm elections, in which they are seeking to keep control of Congress.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Biden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. David Turk, his deputy energy secretary, also said last week the administration can tap the SPR in coming weeks and months as necessary to stabilise oil.

The administration has spoken with energy companies about buying back oil through 2025 to replenish the reserve, known as the SPR, the sources said, after Biden in March announced the biggest sale ever, 180 million barrels, from May to October.

To stabilise oil prices, which rose before falling last week and steadying on Monday, it is also preparing to sell about an additional 40 million barrels of SPR oil, which could be announced soon, said a third source.

The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. In addition, the administration is mandated by a law Congress passed years ago to sell another 26 million barrels of SPR oil in fiscal year 2023, which started Oct. 1.

"The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," said a source familiar with the White House deliberations. "The White House did not like $4 a gallon gas and it has signalled that it will take action to prevent that again."

Average US gasoline prices hit about $3.89 a gallon on Monday, up about 20 cents from a month ago and 56 cents higher than last year at this time, according to the AAA motor group. Gasoline prices hit a record average above $5.00 in June.

The White House and the DOE did not immediately respond to requests for comment about the talks with energy companies.

In May, the DOE said it would launch bids late this year for a buy-back of about one third of the 180 million barrel sale. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year. Two sources said the buy-backs could continue through 2025.

Biden officials in recent months also urged oil refiners including Exxon Mobil XOM.N Chevron CVX.N and Valero VLO.N to not increase exports of fuel and warned them it could take actions if plants do not build inventories. The administration has not taken a potential ban of gasoline and diesel exports off the table although opponents of such a move say it could exacerbate Europe's energy crisis and raise fuel prices at home.

World+Biz

Biden / Oil price / Saudi oil

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Leaders and activists of BNP gather at Nayapaltan ahead of the rally of three BNP affiliated organisations on Wednesday, 28 May 2025. Photo: Rajib Dhar/TBS
    Thousands gather as BNP's rally in Nayapaltan underway
  • Inflation, exchange rate shocks to intensify fiscal pressure in FY26
    Inflation, exchange rate shocks to intensify fiscal pressure in FY26
  • Representational Image. Freepik
    DSEX drops 62 points, extends losing streak to six days

MOST VIEWED

  • Selim RF Hussain. Sketch: TBS
    BRAC Bank MD Selim RF Hussain resigns
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Depositors need not worry as govt will take over banks before merger: BB governor
  • Graphics: TBS
    Suspicious banking activities surge by 56% since July: Cenbank
  • Photo: Collected
    DU student assaulted for protesting eve-teasing at Chadni Chowk
  • Illustration: TBS
    Bangladesh sees highest-ever per capita income of $2,820 in FY25, BBS provisional data shows
  • Officials protest inside the Secretariat on Tuesday, 27 May 2025, over a government ordinance amending the Public Service Act, 2018. Photo: Rajib Dhar
    Protest at Secretariat suspended as govt assures decision on ordinance tomorrow

Related News

  • Trump says he's revoking Biden's security clearance
  • Nvidia criticizes reported Biden plan for AI chip export curbs
  • Biden set to push new Russia sanctions before Trump era begins
  • Biden declares 9 January national day of mourning for Jimmy Carter
  • Oil prices set for weekly gain on China stimulus optimism

Features

In recent years, the Gor-e-Shaheed Eidgah has emerged as a strong contender for the crown of the biggest Eid congregation in the country, having hosted 600,000 worshippers in 2017. Photo: TBS

Gor-e-Shaheed Boro Maath: The heart of Dinajpur

1d | Panorama
The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

2d | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

2d | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

3d | Wheels

More Videos from TBS

Trump administration suspends student visas in the US indefinitely

Trump administration suspends student visas in the US indefinitely

13m | TBS World
Crowds throng BNP’s youth rally

Crowds throng BNP’s youth rally

33m | TBS Today
How Was Interpol’s Most Wanted Subrata Bain Arrested?

How Was Interpol’s Most Wanted Subrata Bain Arrested?

58m | TBS Stories
Google Pay likely coming to Bangladesh soon

Google Pay likely coming to Bangladesh soon

1h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net