On April 13, U.S. Energy Secretary Granholm said on Wednesday that the Biden administration plans to refill the U.S. Strategic Petroleum Reserve (SPR) soon, hoping to replenish it at lower oil prices if it benefits taxpayers for the rest of the year. SPR.
The U.S. conducted its largest-ever SPR sale last year to ease a spike in oil prices caused by the Russia-Ukraine conflict.
SPR inventories fell to their lowest level since 1983 after selling 180 million barrels of oil last year.
“We can’t store and release at the same time,” Granholm said.
The SPR is currently being released from two of the country’s four SPR storage strongholds to meet a congressional mandate to sell 26 million barrels in fiscal year 2023.