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US SPR To Be Saved for Emergencies: Granholm

OIL

Further oil releases from the US SPR will be restricted to emergencies according to US Energy Secretary Jennifer Granholm.

  • “The SPR was released, the 180 million barrels, was because of the war,” Granholm said, “There has to be a situation like that, that would generate interest in doing it. It’s not just about increases in prices, it really is about an emergency disruption.”
  • US officials have previously said they would like to start refilling the SPR within the next year, initially buying 40-60mn bbls and using the proceeds of the 180mn bbls sale to do so.

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