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Oil production in North Dakota, USA. archive photo

Energy Secretary Granholm: US will take years to replenish strategic oil reserves

WASHINGTON, March 23 – RIA Novosti. Energy Secretary Jennifer Granholm said it would take several years for the United States to replenish its strategic oil reserves, which had dwindled due to commodity interventions.

Speaking at the budget sessions in Congress, he explained that the desire of the US administration to buy fuel cheaper than it sells, has stalled the process.

Oil pumping seat in the Almetyevsk region of the Republic of Tatarstan - RIA Novosti, 1920, 19.03.2023

The expert explained why it was unprofitable for the US to lower the ceiling on oil prices

“It will be difficult for us to take advantage of such low prices this year, but we will continue to look for them in the future because we want to save taxpayer dollars,” Granholm said.

“The target is to buy back[oil]. We were selling at an average of $94 per barrel, and we want to get it back under $72. We will do that in the next few years,” he said. Additional.

Last year, US President Joe Biden authorized a 180 million bpd trade intervention to lower domestic gasoline prices and was criticized by political opponents for draining the reserve unnecessarily.

Alexey Belogiev, Deputy Director of the Energy and Finance Institute (IEF)

The expert explained what the US is trying to achieve with the ceiling in oil prices from Russia

Source: Ria

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