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U.S. Energy Department to Resume Oil-Reserve Fill in January

By Tina Seeley

Dec. 1 (Bloomberg) -- The U.S. Energy Department will resume filling the nation’s Strategic Petroleum Reserve next month, once Congressional restrictions expire, a spokeswoman said.

“The return of SPR emergency exchange oil as a result of damages caused by Hurricanes Gustav and Ike is scheduled to start in January 2009,” Healy Baumgardner, spokeswoman for the department, said in an e-mail today.

The reserve is expected to add 2 million barrels in January, according to an online inventory.

Congress in May approved legislation halting shipments to the reserve, which currently holds 701.8 million barrels. The legislation, which expires at the end of this year, was aimed at reducing record energy prices.

The department loaned out 5.39 million barrels of oil to refiners in response to supply disruptions caused by hurricanes Gustav and Ike in September.

To contact the reporter on this story: Tina Seeley in Washington at tseeley@bloomberg.net.

Last Updated: December 1, 2008 12:39 EST

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