The U.S. department believes that the scale of the impact of this decision will depend on how much oil will be involved.
The use of the U.S. strategic oil reserve will have only a short-term impact on world oil markets. This was stated on Tuesday by the acting head of the Information Department at the US Department of Energy, Stephen Nalley.
At a hearing before the Energy and Natural Resources Committee of the U.S. Senate, he was asked to comment on the plans of the Washington administration to use the U.S. strategic oil reserve to reduce rising oil prices, which contribute to inflation. “Ultimately, the scale of the impact [of this decision] will be relatively short-term, will depend on how much oil volume will be involved,” Nalley said.
In his opinion, the impact of this decision on the oil markets may last only a few months. The management’s analysis, Nalley continued, showed that the use of 15 million to 48 million barrels of oil from the reserve could lead to a decrease in the price of black gold by about $ 2 per barrel and to a reduction in the cost of gasoline at American gas stations by about 5-10 cents per gallon (about 3.7 liters) within a short period of time.
Earlier, U.S. Secretary of Energy Jennifer Granholm raised the issue of the possibility of providing American companies with oil from the state strategic petroleum reserve to combat the sharp rise in gasoline prices in the country, which have become record over the past seven years. The U.S. Strategic Oil Reserve is the world’s largest oil reserve. Its volume at the moment is about 617.8 million barrels, while the storage facilities are designed for about 714 million barrels.