JUST IN: Energy SecGranholm said the US could begin purchasing oil to refill the Strategic Petroleum Reserve as early as June, offering the administration's most optimistic timeline to date as to how soon it might begin refilling the stockpile.
Speaking at a House Energy and Commerce Committee hearing Thursday, Granholm said DOE could begin purchasing oil to replenish the emergency stockpile in June after the completion of a 26 million-barrel congressionally mandated sale."And it's at that point where we will flip the switch and then seek to purchase" oil to refill the stockpile, she said.
Her remarks come as oil prices have declined steadily in recent weeks amid concerns over the U.S. economy and lower Chinese manufacturing demand, sending futures for U.S.-based West Texas Intermediate as low as $70.88 on Thursday. She did, however, note that the administration can carry out the sales as the stockpile undergoes maintenance as part of its Life Extension II modernization program.
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