- The actions come after US crude oil stockpiles tumbled last week after a build in the week prior.
- This is the 3rd pull from the Strategic Petroleum Reserve this year which has been leaned on heavily since late 2021.
These actions have received backlash from the Independent Petroleum Association of America, or IPAA, who “strongly oppose the use of oil stockpiles to affect gasoline prices.”
- Their stance: “Market interference makes us all more vulnerable and is counterproductive to long-term adjustments in the marketplace.”
- A better solution in their opinion is improve America’s leadership in natural gas and oil production instead of stifling or shutting it down.