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Energy Secretary: US to restock strategic oil stocks by the end of 2024

By the end of 2024, US Energy Secretary Jennifer Granholm plans to strategically replenish the country’s exhausted oil supplies.

Energy Secretary: US to restock strategic oil stocks by the end of 2024
Energy Secretary: US to restock strategic oil stocks by the end of 2024

Granholm’s declaration follows a time of historically low levels in the nation’s Strategic Petroleum Reserve (SPR), which were made worse by the Russian invasion of Ukraine and the ensuing volatility in oil prices, according to an AFP report.

Republicans criticized President Joe Biden for authorizing the unprecedented tapping of the SPR in response to the crisis.

The reserve reached its lowest point in forty years when roughly 274 million barrels were released between September 2021 and July 2023. The SPR, which was created in the wake of the 1973 energy crisis, is essential to the country’s emergency preparedness.

In June 2023, the United States government started repurchasing oil to compensate for the depleting reserves. According to the US Energy Information Administration, the SPR saw an increase of about 14.7 million barrels during the next nine months.

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