US to halt oil purchases for strategic reserve until peak season ends – official

The US does not plan to buy more oil for its strategic petroleum reserve (SPR) until after the end of the peak demand summer driving season, US Secretary of Energy Samuel Bodman said.

Speaking at the biennial ministerial meeting of the International Energy Agency in Paris, Secretary Bodman said the US currently holds around 600-700 mln usd in cash which is available to buy oil for the SPR.

But, said Bodman: ‘We will forgo additional use of this cash until after the summer driving season.’

Forbes