The comments are in line with acting EIA head Nalley
The House Majority Leader Hoyer is diverging from Senate Majority Leader Schumer who would like to see the strategic petroleum reserves tapped in an average lower gas prices. Hoyer is siding with the EIA acting head Nalley who today said that tapping the SPR would only have a short lived impact on oil markets.
He is saying:
- Hee is not an agreement with Senate Majority Leader Schumer’s call for Biden administration to tap the SPR to lower gas prices
The price of crude oil is trading at $80.87 that’s near unchanged on the day. The low price reached $80.03. The high price extended to $81.81 earlier in the day.
In other oil related news, Iran has removed IAEA cameras and resume production at Karaj facility in late August according to the WSJ. The production of advanced nuclear program parts is not in the right direction for the Biden administrations nuclear talks. It also is not bullish for the price of oil (due to sanctions).
This article was originally published by Forexlive.com. Read the original article here.