Energy Secretary Jennifer Granholm said President Joe Biden will veto a bill by House Republicans limiting the administration's authority to tap the nation's oil reserves, if it is passed by the Congress.
The Strategic Production Response Act limits the drawdown of petroleum in the Strategic Petroleum Reserve (SPR) until the Department of Energy develops a plan to increase the percentage of federal lands leased for oil and gas production - unless the release is for a severe oil supply emergency.
For comments and feedback contact: editorial@rttnews.com
Political News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.