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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves after hours: Airbnb, Twilio, Rivian, Occidental Petroleum and moreSee which stocks are posting big moves after the bell.
Read more »
Occidental Petroleum quarterly earnings down 48%, misses estimatesU.S. oil and gas producer Occidental Petroleum Corp on Tuesday reported a 48% decline in first-quarter earnings that fell well short of analyst estimates as global economic growth concerns led to a decline in oil prices.
Read more »
City and county leaders in Pensacola learn more about the federal strategic plan to end homelessnessJohn Johnson with Opening Doors Northwest Florida says the homeless population is currently around 1,200 people and around 800 of them are unsheltered.
Read more »
Disney Pulling Some Content Off Streaming In Strategic RethinkDisney will be yanking content from streaming as it rethinks its costs and strategy, and is looking at a content impairment charge of $1.5 billion to $1.8 billion as it does. “We are in the p…
Read more »
Does the Federal Reserve expect an increase in the Consumer Price Index?The Consumer Price Index (CPI) data release for April, published by the US Bureau of Labor Statistics (BLS), is scheduled for May 10 at 12:30 GMT. The
Read more »
CBS Unveils Fall 2023 Schedule, Keeps Strike Contingencies in ReserveThe network opts for a stable lineup to open next season amid labor action by writers.
Read more »