WASHINGTON — Officials within President Joe Biden’s administration are hunting for ways to head off a feared spike in oil prices later this year, including the possibility of an additional release from the nation’s emergency crude reserves.
The officials are warning of an increase in prices this December when EU sanctions on Russian supplies take effect, unless other steps are taken, according to people familiar with the deliberations. They asked not to be identified because the discussions aren’t public.
The talks are preliminary and no decision has been made, the people said. But the debate underscores U.S. fears that the sanctions, on their own, could trigger a new crisis over global crude prices. The risk of a future jump in prices — despite this week’s selloff in the crude market — is also fueling the push to set a price cap on Russian oil sales to ease pressures.
