Replenishing US Strategic Petroleum Reserve Could Take Years, Says Energy Secretary
TL;DR Summary
US Energy Secretary Jennifer Granholm said that it will take years to replenish the nation's Strategic Petroleum Reserves, even though oil prices are currently trading at a sweet spot for buyers. The SPR currently holds 372 million barrels of crude oil, down from 638 million at the beginning of 2021, and it will take a few years to replenish it. The Biden Administration sold off 221 million barrels of crude oil from the SPR last year, and the idea was to buy oil to replace what was withdrawn.
Topics:business#biden-administration#crude-oil#energy#oil-prices#refilling#strategic-petroleum-reserve
- It Will Take Years To Replenish Strategic Petroleum Reserve Granholm OilPrice.com
- U.S. energy secretary says it could take years to refill oil reserve Reuters
- U.S. Unlikely to Refill Oil Reserve This Year Despite Low Prices The Wall Street Journal
- Strategic Petroleum Reserve Refill 'Difficult' This Year, Energy Secretary Says Bloomberg
- Energy Secy: Could Take Years to Refill Oil Reserve Newsmax
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