Energy
Oil Reserve Refill Is ‘Difficult’ This Year, US Energy Chief Says
- Granholm sites strategic reserve maintenance, ongoing sales
- $70 oil in range US has said it wants to buy back for reserve
Jennifer Granholm
Photographer: Al Drago/BloombergThis article is for subscribers only.
US Energy Secretary Jennifer Granholm said it will be “difficult” this year to refill government oil reserves, even as crude prices hovered within the agency’s target buy-back range.
Granholm, in testimony before a House panel, said maintenance at two Strategic Petroleum Reserve sites as well as an ongoing 26 million-barrel crude sale mandated by Congress make refilling a challenge.