+
Granholm: US may accelerate oil reserve refill rate
OIL & GAS

Granholm: US may accelerate oil reserve refill rate

According to Reuters, Energy Secretary Jennifer Granholm stated that the US could expedite the replenishment of the Strategic Petroleum Reserve once maintenance on the stockpile concludes by the end of the year. Granholm expressed her belief that the global oil market is adequately supplied and indicated that she does not anticipate a significant rise in oil and gas prices in the near future.

The Energy Department has been purchasing approximately 3 million barrels of oil per month for the Strategic Petroleum Reserve this year, following the sale of 180 million barrels in 2022 after Russia's invasion of Ukraine. This sale, the largest ever from the SPR, was aimed at stabilizing gasoline prices post-invasion. However, it depleted the reserve to its lowest levels in 40 years, drawing criticism from Republicans who argued that it left the US emergency oil buffer too sparse.

Granholm mentioned in an interview with Reuters that the pace of purchasing, which is currently at 3 million barrels per month, could increase. She explained that maintenance work on a couple of the SPR's four sites on the coasts of Texas and Louisiana has been ongoing. Granholm added that all four sites are expected to be operational again by the end of the year, suggesting that the purchasing rate could escalate depending on market conditions.

The US has repurchased approximately 38.6 million barrels and revoked congressionally mandated sales of 140 million barrels through 2027. The administration has expressed its intention to continue buying oil as long as the price remains below $80 a barrel.

According to Reuters, Energy Secretary Jennifer Granholm stated that the US could expedite the replenishment of the Strategic Petroleum Reserve once maintenance on the stockpile concludes by the end of the year. Granholm expressed her belief that the global oil market is adequately supplied and indicated that she does not anticipate a significant rise in oil and gas prices in the near future. The Energy Department has been purchasing approximately 3 million barrels of oil per month for the Strategic Petroleum Reserve this year, following the sale of 180 million barrels in 2022 after Russia's invasion of Ukraine. This sale, the largest ever from the SPR, was aimed at stabilizing gasoline prices post-invasion. However, it depleted the reserve to its lowest levels in 40 years, drawing criticism from Republicans who argued that it left the US emergency oil buffer too sparse. Granholm mentioned in an interview with Reuters that the pace of purchasing, which is currently at 3 million barrels per month, could increase. She explained that maintenance work on a couple of the SPR's four sites on the coasts of Texas and Louisiana has been ongoing. Granholm added that all four sites are expected to be operational again by the end of the year, suggesting that the purchasing rate could escalate depending on market conditions. The US has repurchased approximately 38.6 million barrels and revoked congressionally mandated sales of 140 million barrels through 2027. The administration has expressed its intention to continue buying oil as long as the price remains below $80 a barrel.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code