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Energy Secretary vows to 100% refill emergency oil stockpile — but warns that won't happen before a second Biden term | CNN Business

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In an interview with CNN, Energy Secretary Jennifer Granholm vowed to completely refill the depleted Strategic Petroleum Reserve, a staggering task given that the rainy-day fund has shrunk by nearly 300 million barrels since President Biden took office

In an interview with CNN, Energy Secretary Jennifer Granholm vowed to completely refill the depleted Strategic Petroleum Reserve, a staggering task given that the rainy-day fund has shrunk by nearly 300 million barrels since Biden took office. “The bottom line is we are going to replenish,” Granholm said on Tuesday. Granholm said it’s “definitely possible” the Energy Department will pick up the pace of purchases for the SPR, but she conceded a complete refill is unlikely anytime soon.

It’s possible President Biden might even resort to more releases due to political panic about high pump prices.” US officials insist the SPR contains more than enough oil to respond to future shocks. “We still have the largest strategic petroleum reserve in the world,” Granholm said. “We have, by far, enough to be able to deal with any emergencies over the next couple of years.

 

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