Full restoration of US strategic oil reserve to take years, energy chief states

The United States will need between five and seven years to fully replenish its strategic oil reserve, according to Secretary of Energy Chris Wright.

In an interview with Bloomberg TV, Wright acknowledged the urgency of replenishing the reserve but emphasized the challenges involved, per Caliber.Az.

“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 for the strategic oil reserve to be fully filled again,” he said.

Wright noted that while oil from the reserve can be used up “very quickly,” the process of refilling it is “much slower.” He also pointed out that the US had “drained” about half of its oil reserve for political reasons. However, he assured that the current administration is “determined” to restore the reserve to bolster US security.

The US Strategic Petroleum Reserve was established in 1975 by the US Congress in response to the global energy crisis. It was created to serve as a buffer in case of emergencies. The reserve, which is the largest government-owned oil stockpile in the world, currently holds about 395.3 million barrels of oil spread across four storage facilities in salt formations in Texas and Louisiana. The total authorized storage capacity is 714 million barrels.

In February, President Donald Trump pledged to "fill" the US strategic oil reserve. “We are determined to ensure that our oil reserve is restored and secure for the country’s future,” Wright added.

In a related move, President Trump lifted bans on offshore oil and gas leases in January, opening up drilling in most US coastal waters. The US leader has also signalled that the country would likely stop buying oil from Venezuela and urged the European Union to purchase more US oil and gas in order to avoid potential tariffs.

In addition, President Trump announced his decision to end the “electric vehicle mandate,” which had been a part of previous administration policies.