Releasing strategic petroleum reserves 'on the table' - Granholm

EPA-EFE/MICHAEL REYNOLDS

United States Energy Secretary Jennifer Granholm stated on Wednesday that releasing crude oil supplies from the national strategic petroleum reserve is "a tool under consideration," Financial Times reported citing the official's remarks at Energy Transition Strategies Summit.

The statement comes amidst a global surge in gasoline prices, which hit a seven-year high in the US. The strategic petroleum reserve is the world's largest emergency stockpile of crude oil, which could help calm oil markets and subsequently win the current administration points at midterm elections.

Granholm also mentioned the option of banning crude oil exports. "That's a tool that we have not used, but it is a tool as well," she said.

Baha Breaking News (BBN) / LH