Exclusive: U.S. plans to lease space to energy companies to store oil in emergency reserve

The U.S. Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump’s directive to fill the facility to capacity, two industry sources said. The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days. Trump ordered the Department of Energy, or DOE, on March 13 to take advantage of low oil prices and fill the reserve “to the top”, in …read more

Source:: Yahoo Finance


Did you enjoy this article? Join our FREE Newsletter!
I agree to have my personal information transfered to MailChimp ( more information )
Join over 100,000 investors and business leaders worldwide. Get the latest actionable business and investing intelligence before the rest of the crowd.
We hate spam. Your email address will not be sold or shared with anyone else.