US Strategic Oil Reserve Refill Is Limited Despite Low Prices

Strategic Petroleum Reserve refill constrained by limitations
Energy Department hopes to bring more capacity online

David Turk, US deputy energy secretary, says the US is taking advantage of low oil prices and refilling the Strategic Petroleum Reserve, but he says the amount is limited by physical constraints of the caverns. He speaks on “Bloomberg Surveillance.”Source: Bloomberg

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By Ari Natter

December 4, 2023 at 2:11 PM UTC

Updated on

December 4, 2023 at 2:48 PM UTC

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The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, the Energy Department’s No. 2 official said Monday.

The US Strategic Petroleum Reserve stands at its lowest level since the 1980s, but physical constraints and maintenance at the network of underground caverns along the US Gulf Coast have been limiting the amount the Energy Department can purchase to about 3 million barrels a month, Deputy Energy Secretary David Turk said.