Thursday, 30 Apr 2020 08:44 AM MYT
WASHINGTON, April 30 — President Donald Trump yesterday said his administration will soon release a plan to help US oil companies, which Treasury Secretary Steven Mnuchin said could include adding millions of barrels of oil to already-teeming national reserves. “We're also exploring potentially having the ability to store another several hundred million barrels, so we're looking at lots of different options,” Mnuchin said during a White House briefing on the coronavirus' effects on industry.
The US Strategic Petroleum Reserve currently holds roughly 636 million barrels of crude, and has the ability to hold about 714 million barrels. Fuel demand has dropped by roughly 30% worldwide while supply has ballooned, so storage is dwindling.
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