US strategic oil reserve refill is limited despite low prices
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 Strategic Petroleum Reserve stands at its lowest level since the 1980s, but physical constraints and maintenance at the network of underground caverns along the 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.
Related Knowledge Center: Energy security and pricing
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