Biden Likely Taps Oil Reserve for Summer Demand, Macquarie says

The Biden administration will likely need to tap oil from the country’s emergency reserves to counter a spike in gasoline prices and amid inflation fears during the summer driving season.

The release of oil from the Strategic Petroleum Reserve is in the cards as motor fuel demand is expected to hit a new post-pandemic high with millions of Americans preparing to hit the roads during the summer, when demand peaks, said Vikas Dwivedi, a global oil and gas strategist for Macquarie Group.

“The government will have to release oil from the SPR with a lot of aggressiveness to tame ...