Granholm went on to say that since last summer, a number of transactions, including the return of crude oil that was lent to industrial participants, have strengthened the reserves by an extra 30 million barrels.
Granholm confirmed, “By the end of this year, we will essentially be back to where we would have been absent the sales,” during the Houston-based CERAWeek oil conference.
Furthermore, the repeal of congressionally mandated oil sales provided an unanticipated boost to replenishment operations by freeing up an extra 140 million barrels for inventory increases.
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