US talks on further selling oil from strategic reserve

The US administration is not going to sell oil from the strategic reserve since September, Director of the National Economic Council Brian Deese said at a briefing, Report informs referring to the White House website.

When asked whether the authorities intend to continue selling 1 million barrels of crude oil per day from September, he replied that as of today there are no plans to continue selling oil from the reserve.

“Yeah, so the release was - the commitment and the direction the President made was for six months, so 180 days. And we continue to be in that process,” he said.

“And so, the six-month release of the Strategic Petroleum Reserve of a million barrels a day was intended to be a bridge to that - to that period. And that certainly continues to be our intention and our policy goal. We don’t have, as of - as of today, as we sit here today, we don’t have an intention to continue that further. What we need is the private sector to come in and provide that production. We have that resource and it has provided a valuable role, but it’s not intended to be a permanent solution.”

The cost of gasoline at gas stations in the US in June again renewed a historical high, reaching $4.81 per gallon (3.785 liters).