Trump Admin Planning to Rent Storage Space to Oil Companies

The Trump administration is working to rent storage space for about 27 million barrels of oil to oil companies with a surplus of oil due to dwindling demand.

According to The Hill:

The Department of Energy (DOE) is moving ahead with its plan to rent storage capacity to struggling oil companies that are running out of space amid a steep drop in demand due to the coronavirus.

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DOE is negotiating contracts with nine oil companies that want to use space in the nation’s Strategic Petroleum Reserve (SPR). The deal will use 23 million barrels of capacity in the 77 million barrel tanks.

“When producing oil you have two options — you either use it or you store it. With the impacts caused by the COVID-19 pandemic, we are seeing an enormous decrease in demand as our country works to contain the virus,” said U.S. Secretary of Energy Dan Brouillette.

“Providing our storage for these U.S. companies will help alleviate some of the stress on the American energy industry and its incredible workforce.”

The administration is also using this as an opportunity to fill the strategic oil supply of the United States.

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BHR
BHR
1 year ago

This is a sense-full solution. We will always need oil, America is getting it at a cheap price and it has keep people working.

Richard
1 year ago

Why aren’t we filling the strategic oil reserve with 20 dollar oil? Because the Democrats hate oil. You know what, I think it’s time to rid the USA of Democrats,, let’s try the ballot first. There are other measures for later.

Char
Char
1 year ago
Reply to  Richard

Right on brother! Show up at the polls IN PERSON and vote the scum OUT!!!

John J
1 year ago

To hell with these multi billion dollar corporations, the PEOPLE, the PEOPLE, the PEOPLE and clean renewable energy

HanosunnesWoom Root
1 year ago

PUT the brakes on this idiocy!!!
get America BACK TO WORK!

ABU TOM
1 year ago

IN YOUR TIME MR. PRESIDENT. IN YOUR TIME. THE COMMUNIST DEMOCRATS AND THE COMMUNIST MEDIA IS A BIGGER THREAT THAN COMMUNIST CHINA. CRUSH THEM FIRST. THEN WE CAN BEAT CHINESE MFG. MADE IN THE USA,

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