U.S. govt has no plans to stop adding emergency oil

WASHINGTON, Feb 26 (Reuters) – Despite record crude oil prices above $100 a barrel, the U.S. Energy Department told Congress on Tuesday it had no plans to stop adding about 70,000 barrels per day of oil to America’s emergency oil stockpile.

Katharine Fredriksen, who heads the department’s Office of Policy and International Affairs, told the Senate Energy Committee that the Strategic Petroleum Reserve should reach a record 700.7 million barrels of oil by the end of March.

Many energy experts and U.S. lawmakers are against boosting the emergency oil stockpile at this time, saying taking oil off the market pushes crude prices higher.

Reuters