Name: Crude Oil: SPR Not Meant For Price Or Political Control
Uploaded: 2022-12-19T21:05:34.753
Duration: 12 min 10 s

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The Biden administration announced a purchase of 3M barrels of oil to replenish strategic reserves. The crude oil price is getting a lift off the $70 level. "The strategic petroleum reserve is supposed to be maintained for emergency situations and is not meant to be used as a political tool or a price control. Now, these levels are under 400M barrels. High energy and gasoline prices last summer coming into a midterm election cycle and SPR was used to mitigate them along with inflation," says Kurt Nelson.