Chevron: Biden Can Lower High Crude Prices If He Supports U.S. Oil

The Biden Administration could couple releases from the Strategic Petroleum Reserve (SPR) with a longer-term policy to support the U.S. oil industry if it wants to reduce the soaring gasoline and oil prices and ensure America’s energy security, Mike Wirth, chief executive at supermajor Chevron, said on Tuesday. The U.S. Administration is discussing another SPR release to ease the upward pressure on oil prices which shot up to over $100 per barrel after Russia invaded Ukraine. According to Chevron, an SPR release is a short-term remedy, while…