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US Energy Sec Granholm: It Could Take Years To Refill SPR


US Energy Secretary Jennifer Granholm, delivering testimony to the House Appropriations Subcommittee on Energy, has stated that it could take years for the US to replenish the Strategic Petroleum Reserve.

  • Granholm: “This year, it will be difficult for us to take advantage of this low price. But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars.”
  • Reuters: "The energy department said last month it is moving forward with a sale of 26 million barrels from the SPR that was mandated by Congress in earlier years to help fund the federal budget."
  • According to Reuters, "Granholm said that sale, in which oil will be delivered from April 1 to June 20, and maintenance at the reserve at two sites will make it difficult to buy back oil this year. She said it could take years to get the reserve back to the level it was before the 180 million barrel sale."
  • Bloomberg notes that Granholm's comments, "chilled what looked set to be a four-day advance for oil from last week’s battering by banking turmoil."

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