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Bloomberg Host to Biden Econ. Adviser: Are You ‘Putting the Polls Before America’s Energy Security?’

‘You’ve drained the SPR to its lowest level in four decades’
By Grabien Staff
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EXCERPT:

FERRO: "You say it's a prudent use of the asset. Other people are very worried about this. You've drained the SPR to its lowest level in four decades. There's some accusation that you're using -- you're putting the polls before America's energy security. Brian, the Saudis themselves said this morning, that the U.S. requested a one month delay to the OPEC+ output. I wonder why that would be? Brian, can you tell me whether you did ask the Saudis for a one month delay to that decision? Are they telling the truth?"
DEESE: "Look, we clearly -- we clearly communicated our views to OPEC members that we thought it was short sighted to for them to take the action that they were contemplating and they announced. With respect to the Strategic Petroleum Reserve, this was a calibrated decision to address the real issues in the market. We talked to U.S. industry last winter, we identified that there was about a million barrel a day gap between what they were producing this winter and what they said that they could get production to by late this fall. That million barrel gap was what we calibrated to make the decision on the use of the Strategic Petroleum Reserve. And people should feel confident that the Strategic Petroleum Reserve continues to be an asset that we can deploy to address our economic and national security needs. That's always what has dictated the president's decision making on this and that's what will dictate his decision making on this going forward."

 

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