Use of SPR Seen as Pushing US Away From Oil Independence

Le Fonti Interview 3/31/22
March 31, 2022
Reuters Interview 4/1/22
April 1, 2022

Use of SPR Seen as Pushing US Away From Oil Independence

The release of 180M barrels from the US strategic petroleum reserves “may halt the prices from skyrocketing to $150 plus,” Spartan’s Peter Cardillo tells WSJ as WTI falls 7% and Brent is down 6%. “It’s a hefty amount [of oil] and in the short term will weigh on oil prices,” he says. “However with war still in course and Putin demanding be paid in rubles…its not going to crush the price of oil.” Cardillo warns the move could also push the US further away from oil independence. “You’ll have to replace that oil and if you don’t increase production you’ll have to import,” he says.