U.S. Has No Plan to Use Oil Reserve to Curb Prices, Rick Perry Says
- Energy secretary says market has priced in Iran sanctions
- World’s producers can offset supply losses from Iran, he says
Rick Perry, U.S. secretary of energy.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The U.S. has no plans to tap the nation’s emergency oil stockpile to offset supply losses from Iran, according to U.S. Energy Secretary Rick Perry.
Selling oil from the Strategic Petroleum Reserve would have “a fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. Following his remarks, oil jumped higher to erase most of the day’s losses.