Trump to allow oil storage in strategic petroleum reserve

The Hill:
The Department of Energy will rent space to oil producers to store their surplus crude amid a decrease in demand linked to the coronavirus pandemic.

The Energy Department said in a statement that it hoped to make 30 million barrels of storage in the Strategic Petroleum Reserve (SPR) immediately available to U.S. producers.

It plans to make 47 million more barrels of storage available following this initial move, filling the reserve’s remaining capacity.

“Filling the SPR with crude oil, produced by American companies that are facing catastrophic losses and increased financial hardship, is a logical action for the federal government to take as we work to overcome the economic disruptions caused by COVID-19 and intentional, global oil market disruptions,” Energy Secretary Dan Brouillette said in a statement.

A department official told The Hill that producers will pay for the storage space in oil instead of dollars.
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This is something I have been recommending for some time and it looks like the US got a good deal despite Democrat efforts to block funding of the purchase of the cheap oil.  It should allow for continued production of oil by producers until the economy is reopened and people can move around again.

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