U.S. energy secretary Chris Wright, speaking to a House energy subcommittee this week, vowed to fill the nation’s strategic petroleum reserve. Wright testified Wednesday before the subcommittee on energy and water development of the Committee on Appropriations in the U.S. House of Representatives. Wright said he issued a secretarial order “to refill the SPR, review SPR infrastructure and develop appropriate plans to safeguard this important strategic asset.”
Inventories at SPR dipped to a low of 351,000 barrels in October 2023 after sales of SPR crude to combat market supply disruptions after Russia’s invasion of Ukraine. Wright and President Trump hope to boost SPR crude to its capacity of 680 million barrels. Estimated cost to refill the SPR is $20 million over a period of years.
Wright told the subcommittee the low inventory “weakened America’s ability to respond to new geopolitical oil market shocks.” Two locations of SPR inventory are in Texas.
Leave a Reply