US Energy Secretary Granholm Says Oil, Gas Output Will Continue to Increase

“That’s one of the reasons why perhaps you’re seeing some leveling off of prices,” U.S. Energy Secretary Jennifer Granholm said about the supply release’s effect on oil prices which also slumped on April 25.

Reuters

The U.S. Energy Secretary said on April 25 that U.S. oil and gas production is rising and will continue to rise to make up for the 1 to 1.5 million bbl/d of oil that has been pulled off the market in the wake of Russia’s invasion of Ukraine.

Jennifer Granholm told CNBC the boost in U.S. oil to market will be about 1 million bbl/d, first coming from President Joe Biden’s record release from the Strategic Petroleum Reserve starting in May and lasting six months.

The administration expects domestic oil production will increase as well in coming months and help stabilize prices for crude and gasoline.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access