US says all options are ‘on the table’ to tackle energy crisis

October 7 (Reuters) – The US Department of Energy (DOE) said Thursday that all “the tools are still on the table” to deal with tight energy supply conditions in the market.

The department made the comment as the Biden administration considered tapping into its Strategic Petroleum Reserves (SPRs) or pursuing an oil export ban to bring down the cost of crude oil.

Oil prices have climbed to over $ 80 a barrel amid a pickup in global energy demand from the depths of the coronavirus pandemic and production restrictions imposed by the OPEC producer group.

“The DOE is actively monitoring the supply of the global energy market and will work with our partner agencies to determine if and when action is needed,” a spokesperson said.

The Financial Times quoted U.S. Energy Secretary Jennifer Granholm on Wednesday as saying that the administration was considering operating the SPR, while also not ruling out a ban on crude oil exports. Read more

Oil prices turned positive on Thursday, however, after a Bloomberg reporter said in a Twitter post that the DOE was not considering drawing on its emergency reserves “just yet” or pursuing a ban. of oil exports.

A DOE source said the tweet “is not accurate.”

The United States has used its strategic reserves on occasion, typically after hurricanes or other supply disruptions.

Since the end of a 40-year ban on crude exports in 2015, the country has become a major exporter and has not addressed reducing exports.

Reporting by Arpan Varghese and Brijesh Patel in Bengaluru, and Timothy Gardner in Washington; Editing by Bill Berkrot

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