US authorities have made major decisions to reduce fuel prices, says Jennifer Grengolm.
The United States plans to record a record increase in oil production by 2023. This is what the head of the US Department of Energy, Jennifer Grengolm, said in an interview with Fox News Sunday, Voice of America reports.
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The US will produce 12.7 million barrels of oil per day, compared with 12 million barrels of oil per day this year, he said.
“It’s about demand and satisfaction. When Russia invaded Ukraine, global markets lost millions of barrels. Because oil is traded around the world, we have to make up for the lost value of fuel,” he said.
Grengholm added that President Joe Biden’s decision to release a million barrels a day from the Strategic Petroleum Reserve Fund and his calls for the oil sector to boost production were key to pushing up fuel prices.
“Obviously, because of the invasion, Russia is short of exported millions of barrels of oil, in addition to natural gas. So prices around the world have gone up. Now our president and others called for more production now so we can lower fuel prices for consumers,” said the US Energy Secretary.
Earlier, Biden promised “big trouble” for oil from Russia. The aggressor country cannot maintain the level of oil production due to limited access to technology under sanctions.
The EU imposes an embargo on oil from Russia. What is known
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Source: korrespondent
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