ICYMI - US energy secretary Granholm says it could take years to refill oil reserve

<p>US Energy Secretary Jennifer Granholm was speaking in a House of Representatives congressional hearing Thursday. </p><p>Referring to the sales of oil from the strategic reserve and the need to replenish the holdias said:</p><ul><li>"This year, it will be difficult for us to take advantage of this low price" </li><li>"But we will continue to look for that low price into the future because we intend to be able to save the taxpayer dollars."</li></ul><p>Granholm cited sale and maintenance at two of the reserve's four sites as reasons that'll make it difficult to buy back oil this year.</p><p>---</p><p>The background to this:</p><ul><li>circa 180mn barrels have been sold from the Strategic Petroleum Reserve, average price around US$94</li><li>Granholm said at the hearing the administration wants to buy oil back at under $72 a barrel</li><li>The US Department of Energy said last month it was implementing a three-part strategy to refill the reserve in the long term</li></ul> This article was written by Eamonn Sheridan at www.forexlive.com.

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