The U.S. government may begin replenishing the Strategic Petroleum Reserve as early as in June, Reuters reports.
Last week, U.S. Secretary of Energy Jennifer Granholm told lawmakers the purchase was awaiting a congressionally mandated sale of 26 million barrels that will be completed at that time. “It’s at that point where we will flip the switch and then seek to purchase,” Granholm said during a hearing in the U.S. House of Representatives, according to Reuters.
Earlier this year, Secretary Granholm had suggested that the Administration would start repurchasing crude oil for filling the SPR in the autumn of this year, and that the refilling could take years. The move was expected after maintenance was completed on two sites storing the nation’s crude oil reserves in Texas and Louisiana.