US Struggles to Replenish Strategic Oil Reserves Amid Price Drop

The US is refilling its Strategic Petroleum Reserve (SPR) at a rate of 3 million barrels per month as oil prices decline, but there are physical limits to how much can be stored, according to a top energy official. The SPR currently holds 352 million barrels, less than half of its 2010 peak. While the Biden administration plans to continue refilling the reserve, the current rate of 3 million barrels per month represents the physical limit of capacity. The goal is to ensure a sufficient emergency stockpile for future needs.