(Bloomberg) — President Donald Trump told U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.Replenishing the Strategic Petroleum Reserve — as proposed by some oil lobbyists earlier this week in light of the collapse in prices — would enable the government to take as much as 77 million barrels off the world market.Oil prices jumped after Trump’s announcement, paring their worst weekly performance since 2008. Still, the purchases are unlikely to be able to offset the supply boost major producers such as Russia and Saudi …read more
Source:: Yahoo Finance
