US Oil Reserve Won’t Be Replenished for Several Years: Top Official

The White House won’t refill the Strategic Petroleum Reserve in the near future after the stockpile was drawn down by millions of barrels since 2021, U.S. Secretary of Energy Jennifer Granholm said in a recent interview.
The Biden administration has leaned heavily on the SPR since late 2021 to offset tight crude supplies that had boosted fuel costs for Americans. As of earlier this month, the SPR’s crude balance was at its lowest since 1983 after the release of about 200 million barrels or more.
It was announced last October by the Biden administration that it would purchase crude oil when prices reached between $67 and $72 per barrel to replenish the depleted Strategic Petroleum Reserve. Several days ago, the Department of Energy confirmed that it would purchase about 12 million barrels of crude for the reserve by August 2023….