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US estimates it will take $20 billion and years to refill oil reserve

The U.S. Department of Energy has estimated that it will require approximately $20 billion and several years to replenish the Strategic Petroleum Reserve (SPR), which was significantly depleted due to emergency releases aimed at controlling oil prices. The SPR, the world's largest emergency oil stockpile, saw its lowest level in four decades after the Biden administration released 180 million barrels in 2022 to combat rising fuel costs. The plan to refill includes purchasing oil at a lower price than when it was sold, with the goal of buying back at around $70 per barrel. However, the process is complicated by the need for maintenance at the reserve's storage sites and the requirement to cancel congressionally mandated sales, which would otherwise reduce the reserve further. The Energy Department has already started buying back oil, with intentions to continue these purchases into 2024, aiming to restore the SPR to its full capacity of 714 million barrels.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/politics/government/us-estimates-it-will-take-20-billion-and-years-to-refill-oil-reserve/ar-AA1AsGLH ]