The US will need 5-7 years to fully fill its strategic oil reserve, US Energy Secretary Chris Wright said.
“There is an urgent need to replenish the reserve, but there is a limit to the speed at which we can do it. It will take five, six, seven years to fully fill the strategic oil reserve again,“ the minister said in an interview with Bloomberg TV.
The oil in the reserve can be “ very quickly” used up, but it is being filled “ much more slowly”. The US “ has “ drained” half of its oil reserves for political reasons, Wright added. Now the US administration is “ determined” to restore these reserves to ensure US security.
US President Donald Trump promised in February to “fill“ the country's Strategic Petroleum Reserve.
The US Strategic Petroleum Reserve was created in the event of an emergency by a decision of the US Congress in 1975 after the global energy crisis. There are currently about 395.3 million barrels of oil stored in 4 saline storage facilities in Texas and Louisiana. The total authorized storage capacity is set at 714 million barrels.