Reuters reported exclusively that the Trump administration plans to lease out space for energy companies to store oil in the nation’s Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding. The plan could help the United States deal with a growing glut of crude oil that risks overwhelming commercial storage tanks and sending world energy prices deeper into a tailspin as the coronavirus pandemic slashes demand for fuel.
Reuters exclusively reports U.S. aims to lease space in emergency oil stockpile
31 March 2020, 12:00 am 1 minute
Type: Reuters Best
Sectors: Commodities & Energy
Win Types: Speed
Story Types: Exclusive / Scoop