26.6 C
New York
Tuesday, July 16, 2024

The US is refilling strategic oil reserves as fast as it can amid lower prices, but there are physical limits, Energy Department official says

The US is refilling strategic oil reserves as fast as it can amid lower prices, but there are physical limits, Energy Department official says

By Aruni Soni, Business Insider

The US’s emergency stockpile of oil is being refilled as oil prices slide lower, but the pace has run into a physical limit.

The Biden administration drained 180 million barrels from the Strategic Petroleum Reserve last year to stabilize prices after they spiked in the aftermath of Russia’s invasion of Ukraine. Now, 3 million barrels of oil a month are going back in.

More here >

This post was originally published on this site

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

156,960FansLike
396,312FollowersFollow
2,300SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x