Home / Market Update / US Energy Secretary: Hurricane Laura Caused Extensive Damage to a Site That Contains About 30% of Crude Oil Reserves

US Energy Secretary: Hurricane Laura Caused Extensive Damage to a Site That Contains About 30% of Crude Oil Reserves

US Energy Secretary Dan Brouillette said that Hurricane Laura caused massive damage to a site that houses about 30% of the country’s emergency crude oil reserves, but three other sites still have a lot of oil.

The damaged Strategic Petroleum Reserve site in West Huckberry, Louisiana, contains nearly 8.2 billion gallons of crude oil in 21 gigantic deep-earth caves. Brouillette did not specify the exact nature of the damage and did not mention the cost of repairing it, but said he intended to tour at a later time.

Check Also

Could USDT Removal Impact EU Amid Crypto Boom Promised By Trump?

The European Union’s Markets in Crypto-Assets (MiCA) regulation, designed to enhance transparency and combat financial …