Sunday, April 5, 2020

President Trump will open the Strategic Petroleum Reserve for energy companies to store oil to be sold once prices improve

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President Trump announced Friday that he would open the Strategic Petroleum Reserve for energy companies to store oil to be sold once prices improve. ⁣ ⁣“With all the jobs and all the good that they do we’re going to make sure that they stay in good shape,” he said. ⁣ ⁣The president’s announcement came after he met with a group of energy industry executives at the White House and promised that he’s “1,000 percent” supporting them as the coronavirus pandemic and a dispute between Russian and Saudi officials have sunk oil prices. ⁣ ⁣“We’ll work this out,” Trump told the group. ⁣ ⁣The SPR will make 30 million barrels of storage capacity immediately available to U.S. producers and another 47 million barrels’ worth later, according to the Department of Energy. ⁣ ⁣Prices hit an 18-year low last month as demand plunged amid an unhindered output, but comments from Trump about a potential resolution coming soon from Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have helped prices recover somewhat. The price of benchmark crude oil rose $3.02 to $28.34 per barrel Friday. Brent crude oil, the international standard, was up $41.17 to $34.11.

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