Biden’s Plan To Refill The SPR Is Unlikely To Boost U.S. Oil Output

Oil prices are unlikely to drop to the level the U.S. Administration has said would trigger purchases for refilling the Strategic Petroleum Reserve (SPR), U.S. oil executives and analysts say, suggesting that the shale patch will not boost production in response to President Biden’s plan to increase output in the short term. Nearly 80 percent of 49 respondents in a Twitter poll created by Matt Gallagher, chief executive at Greenlake Energy Ventures, responded last week that the prompt WTI Crude price would be higher than $72 per barrel in…