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Governments have not done enough to ease the pain to global oil and gas markets from Russia’s invasion of Ukraine, and the U.S. and its allies should double their planned release from strategic petroleum reserves over last week’s agreed amount, Hess (NYSE:HES) CEO John Hess said Monday at the CERAWeek by S&P Global conference.
The U.S. led a coalition that committed to a joint release of 60M barrels of crude from strategic reserves, but Hess said the countries should release 120M barrels in response to the surge in global energy prices, and then follow up with another 120M barrels next month “and say more is coming if needed.”
The U.S. must “stand tall here and ensure the energy security of our country and the world by ensuring a strong oil and gas industry and recognizing the strategic role it plays in everybody’s lives,” Hess told CERAWeek.
Hess released presentation slides as part of the CERAWeek event.
