US aims to return emergency oil reserve to prior levels by year-end
Source: Yahoo! Finance/Reuters
Mon, Mar 18, 2024, 12:42 PM EDT
HOUSTON (Reuters) -U.S. crude oil stockpiles in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday.
The U.S. is replenishing the SPR, which currently holds about 362 million barrels, down from 638 million three years ago before the sale of a record amount of crude, and as one of the stockpile's sites winds down maintenance. Stocks will reach those levels in part on the cancellation of congressional-mandated sales of about 140 million barrels, the secretary added. Other congressionally mandated sales may also be canceled, Granholm said at the CERAWeek energy conference in Houston.
Having the SPR refilled is a congressional priority and "that's a conversation we'll be having with them," Granholm said. Completion of maintenance at one SPR storage site will allow the U.S. to buy more oil, Granholm said.
Energy officials are monitoring the rise in U.S. oil prices and its impact on replenishing the reserve, Granholm said. The Department of Energy had aimed to repurchase the oil under $79 a barrel. U.S. crude futures were trading above $82 on Monday. She also said the Biden administration's liquefied natural gas permitting pause "will be long behind us by this time next year."
Read more: https://finance.yahoo.com/news/u-return-emergency-oil-prior-164237688.html?guccounter=1
= new reply since forum marked as read
WNC, gas prices rise 80+- cents per gallon over the weekend. Thanks Joe 
. Repubs are prepping to see that Robeson and Trump can cover all the shit they are saying and have done, with the gas scam. Gonna get bad.
Not waiting until October.
the U.S. is pumping way more oil/day than Saudi (and the Gulf weather cooperated to allow that during last year's hurricane season that mostly avoided having GOM storms). That is partly why the "drill baby drill" talking point disappeared off the GOP's agenda. 
