In particular, a million barrels per day were released from the strategic oil reserve, Finance Minister Janet Yellen said.
The American government has done everything possible to reduce record high fuel prices in the United States. This statement was made on Tuesday by U.S. Treasury Secretary Janet Yellen.
“As for energy, the [U.S.] administration has done everything possible to reduce energy prices. For example, through the historic release of a million barrels per day from the strategic oil reserve. And the prices of fuel, gasoline, although very high, <…> would be even higher without such measures,” Yellen said at a hearing in the Senate Finance Committee of the U.S. Congress.
According to the minister, the current geopolitical difficulties also lead to an increase in the cost of fuel. “<…> We [the United States] are actually an oil exporter. However, we [also] are part of global oil markets that are subject to geopolitical influences. Due to the global nature of these markets, it is almost impossible for us to protect ourselves from shocks like those that occur in Russia and drive world oil prices,” the Finance Minister acknowledged.
In addition, she expressed the opinion that the share of responsibility for the current situation lies with American oil companies. “It seems to me that oil production did not expect the strength of the recovery [of the global economy after the pandemic] and the fact that oil prices would recover. And they certainly now have incentives to increase oil production. They have thousands of leases [of oil fields] on federal lands, drilling on which they have not yet conducted,” Yellen said.