The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to refill it at lower oil prices if it's advantageous to taxpayers during the rest of the year, U.S. Energy Secretary Jennifer Granholm said on Wednesday.
President Joe Biden last year directed the largest ever sale from the SPR, trying to relieve oil prices that surged following Russia's invasion of Ukraine. The invasion and subsequent sanctions on Russian energy have shifted oil flows and restructured the global crude market.
U.S. crude and international benchmark Brent futures are currently above $80 per barrel. The benchmarks traded between $67-$72 a barrel in March before OPEC+ announced surprise additional oil production cuts this month that sent prices about $5 a barrel higher.The SPR is currently selling crude oil from two of the four SPR storage sites in the United States, Granholm said, fulfilling the congressional mandate to sell 26 million barrels in fiscal 2023.
That accelerated use of dirtier energy during a time when companies and governments are hoping to push cleaner fuels, but that shift toward dirtier fuels is temporary, Granholm said on Wednesday at an energy conference in New York.
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