Granholm: US may accelerate oil reserve refill rate

05 Jun 2024 CW Team

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.

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