U.S. could boost rate of replenishing oil reserve, Energy Secretary says

The U.S. could hasten the rate of replenishing the Strategic Petroleum Reserve as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.

President Joe Biden, a Democrat, directed the sale, the largest ever from the SPR, in an effort to control gasoline prices after the invasion. But the move sank levels in the reserve to the lowest in 40 years, leading to criticism from Republicans that it left the U.S. emergency oil buffer too thin. The U.S. has bought back about 38.6 million barrels and cancelled congressionally mandated sales of 140 million barrels through 2027. The administration has said it wants to keep buying oil as long as the price remains below $80 a barrel.

The Biden administration intends to finalize an environmental and economic review of its liquefied natural gas exports by the end of the first quarter of 2025, following a period of public comment, Granholm said. Granholm said she was worried about the recent flurry of mergers and acquisitions in the U.S. oil industry involving companies like Exxon Chevron and ConocoPhillips saying they risked harming consumers.

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