The Biden Administration is ready to start releasing crude from the strategic petroleum reserves should it become necessary in case of higher retail fuel prices. “We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers,” White House energy advisor Amos Hochstein told the Financial Times today.
“Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” said the university’s director for surveys of consumers, Joanne Hsu. “Overall, consumers perceive few changes in the economy from May,” she added. That perception is not particularly upbeat, hence the suggestion that more help may be needed from the federal government ahead of the November vote. However, the SPR is not really in a state allowing further draining.