The SPR is currently selling crude oil from two of the four storage sites in the United States, Jennifer Granholm said, fulfilling the congressional mandate to sell 26 million barrels in fiscal 2023
The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to refill it at lower oil prices if it’s advantageous to taxpayers during the rest of the year, U.S. Energy Secretary Jennifer Granholm said on Wednesday.
The administration intended to repurchase crude oil for the SPR when prices were at or below about $67-$72 a barrel, after last year’s 180 million barrel sale dragged down the stockpile to its lowest level since 1983, the White House said in October. Marathon Petroleum Supply and Trading, Equinor Marketing and Trading, Shell Trading Company, Aramco Trading Americas, Macquarie Commodities Trading, and Phillips 66 were awarded the contracts for the oil, the Department of Energy said in March.
That accelerated use of dirtier energy during a time when companies and governments are hoping to push cleaner fuels, but that shift toward dirtier fuels is temporary, Granholm said on Wednesday at an energy conference in New York.
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