US To Start Buying Oil To Refill Deplete Strategic Petroleum Reserve
View Source | May 14, 2023 7:51 pm
Click to read full article
- Energy Secretary Jennifer Granholm say the agency plans to begin refilling its Strategic Petroleum Reserve as early as next month.
- Granholm made the announcement Thursday in a House Energy and Commerce Committee in which she said the process can begin after a congressionally mandated sale of 26 million barrels of oil is completed, as early as June.
- Last year, the administration sold 180 million barrels of oil from the reserve, the largest sale in U.S. history, and continued sales reportedly resulted in the reserve dropping to its lowest level in 40 years, an estimated 372 million barrels.
- After intense backlash for ‘attacking’ American energy and sparking fears of national security risks, the Biden administration said it would resume oil purchases once the price per barrel fell to $60-$72. Friday afternoon, crude oil was listed at $70.29 a barrel.
Share This Article: