Energy Dept. to Resume Filling Oil Reserve in January
“The return of SPR emergency exchange oil as a result of damages caused by Hurricanes Gustav and Ike is scheduled to start in January 2009,” said Healy Baumgardner in an email earlier today.
The reserve will be adding 2 million barrels in January, immediately after the Congressional restrictions expire at the end of the year. In May, the US Congress approved legislation which halted shipments to the reserve in order to stem the spiraling prices at the time.
The Strategic Petroleum Reserve currently holds 701.8 million barrels, according to Energy Department data.