It Will Take Years To Replenish Strategic Petroleum Reserve: Granholm ...Middle East

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It Will Take Years To Replenish Strategic Petroleum Reserve: Granholm
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Oil prices may be trading in a sweet spot for buyers, but it will take years to replenish the nation’s Strategic Petroleum Reserves, U.S. Energy Secretary Jennifer Granholm said.  When the Biden Administration sold off 221 million barrels of crude oil from the SPR last year, the idea was to buy oil to replace what was withdrawn. In October of last year, the Administration announced that it would repurchase crude oil for the reserve when prices were at or below about $67-$72 per barrel. The move would be dual purpose in that not only…

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