Energy Secretary Jennifer Granholm on Wednesday said that the Biden administration is considering tapping the country’s emergency oil reserves to tame soaring gasoline prices, according to a Financial Times (FT) report. “It’s a tool that’s under consideration,” Granholm said at an FT energy transition summit when asked the possibility of the United States tapping into its Strategic Petroleum Reserve (SPR) as fuel prices reach seven-year highs due to higher demand as the CCP (Chinese Communist Party) virus pandemic eases. The U.S.-government owned SPR was established in 1973 and is located in the Gulf Coast region. It has a capacity of 727 million barrels, and the reserves are intended as a national security measure to support the United States in times of an energy emergency. It is “the world’s largest supply of emergency crude oil,” the Department of Energy’s website states. Former President Barack Obama in June 2011 ordered the release …
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