US Oil Reserve’s Limits Slow Push to Refill at Low Prices (1)

The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, the Energy Department’s No. 2 official said Monday.

The US Strategic Petroleum Reserve stands at its lowest level since the 1980s, but physical constraints and maintenance at the network of underground caverns along the US Gulf Coast have been limiting the amount the Energy Department can purchase to about 3 million barrels a month, Deputy Energy Secretary David Turk said.

WATCH: David Turk, US deputy energy secretary, says the US is taking advantage of low oil prices and refilling the Strategic Petroleum Reserve.

Source: Bloomberg

“That is the physical limit of how much we can buy ...