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Russia’s invasion of Ukraine pushed the US to tap into petroleum reserves: Turk

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The United States (US) Deputy Minister of Energy David Turk says his government had to tap into its strategic petroleum reserves to create stability following the gas turmoil as a result of Russia’s invasion of Ukraine.

He was addressing the Africa Oil Week conference in Cape Town.

The US Energy Department has the largest known emergency stockpile in its underground tanks estimated at about 800 million barrels. Turk, however, says their decision led to the increased price at the pump stations.

He said: ”That causes affordability issues, that causes challenges throughout the world, that causes a challenge to our US citizens, especially for people who cannot afford that extra gas price, that caused budgetary challenges to countries around the world who subsidize to try to keep prices affordable. That had a real consequence for governments to make numbers add up.”

Video| Africa Oil Week 2022 under way in Cape Town:

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