The White House will not refill the Strategic Petroleum Reserve in the near future after millions of barrels were drawn last year, said U.S. Secretary of Energy Jennifer Granholm in a recent interview.
It was announced last October by the Biden administration that it would re-buy crude oil when prices reach between $67 and $72 per barrel, which would replenish the depleted Strategic Petroleum Reserve at a time when oil prices are usually relatively low. Several days ago, the Department of Energy confirmed that it would purchase about 12 million barrels of crude for the reserve by August 2023.
“The bottom line is we are going to replenish,” Mrs. Granholm told CNN, adding that a full refill wouldn’t be completed when President Joe Biden’s term in office ends in early 2025. “The first term’s over in a year and a half. So, I’m not sure it’ll be fully replenished. But certainly, the plan is this term and the next term to be able to do that,” she added….