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OIL: Trump Promise to Refill SPR Faces Practical & Political Challenges: Platts

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US President Trump’s promise to refill the US SPR during his second term could face a host of practical and political roadblocks, experts told Platts.

  • Refilling the SPR would require Congress to reverse currently planned sales and appropriate new funds for additional purchases. It would also require favourable long-term pricing
  • Analysts expect refilling to take years, and it would require new funding deals to purchase the crude.
  • The physical limitations of the SPR refill process could also prove a barrier to Trump’s plan, with the max refill rate roughly 785k b/d, needing at least 58 weeks to reach full capacity.
  • Hess Corp’s CEO John Hess has argued that the SPR's function is to give the US options in the face of a potentially catastrophic global supply disruption.
  • "It's an area we need to get on right away," Hess said. "We need to refill the SPR to 600 million for energy security,” he added.

 

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US President Trump’s promise to refill the US SPR during his second term could face a host of practical and political roadblocks, experts told Platts.

  • Refilling the SPR would require Congress to reverse currently planned sales and appropriate new funds for additional purchases. It would also require favourable long-term pricing
  • Analysts expect refilling to take years, and it would require new funding deals to purchase the crude.
  • The physical limitations of the SPR refill process could also prove a barrier to Trump’s plan, with the max refill rate roughly 785k b/d, needing at least 58 weeks to reach full capacity.
  • Hess Corp’s CEO John Hess has argued that the SPR's function is to give the US options in the face of a potentially catastrophic global supply disruption.
  • "It's an area we need to get on right away," Hess said. "We need to refill the SPR to 600 million for energy security,” he added.

 

Keep reading...Show less