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.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.