US senator says Trump administration mulling use of oil reserve to help crude producers

U.S. Senator John Thune said on Wednesday he believes the Trump administration is evaluating use of the Strategic Petroleum Reserve, and other measures, to help oil producers deal with the plunge in crude prices due to the coronavirus and a price war between Saudi Arabia and Russia.

U.S. Senator John Thune faces reporters as he emerges from the weekly Senate Republicans policy lunch in the U.S. Capitol in Washington, U.S., October 16, 2019. REUTERS/Siphiwe SibekoWASHINGTON: U.S. Senator John Thune said on Wednesday he believes the Trump administration is evaluating use of the Strategic Petroleum Reserve, and other measures, to help oil producers deal with the plunge in crude prices due to the coronavirus and a price war between Saudi Arabia and Russia.

"There have been in the past measures that have been taken with the Strategic Petroleum Reserve and other things, but I'm not suggesting that at this point," Thune, the No. 2 Senate Republican, told reporters. But, he added,"I think the administration is evaluating that."The Department of Energy on Tuesday postponed a sale from the reserve that had been announced last month, but mandated by a 2015 law, due to the drop in prices.

The reserve, held in heavily guarded caverns on the Texas and Louisiana coasts, currently holds about 635 million barrels, but has the capacity to store well more than 700 million barrels.Separately, a source familiar with the matter said the Trump administration was considering purchasing crude from the oil market to shore up the SPR, although no decision has been made yet.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US senator calls for action on forced labor in China's XinjiangA senior U.S. senator on Tuesday accused U.S. firms of willfully ignoring 'horrific' forced labor conditions in China's Xinjiang region and called ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US senator Bob Menendez calls for action on forced labour in China's XinjiangWASHINGTON (REUTERS) - A senior US senator accused US firms on Tuesday (March 10) of willfully ignoring 'horrific'forced labour conditions in China's Xinjiang region, urging the Commerce Department to stop American firms and consumers from buying goods produced with such labour.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

US senator calls for action on forced labour in China's XinjiangA senior US senator on Tuesday (Mar 10) accused US firms of willfully ignoring 'horrific' forced labour conditions in China's Xinjiang region and ... Own country so messed up still wan kpo others.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US: Wall Street slumps at open as investors doubt US response to virus[NEW YORK] US stock indexes fell sharply at the open on Wednesday as investors were skeptical about President Donald Trump's stimulus plan to combat the coronavirus epidemic. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

US clears Infineon's US$10 billion takeover of CypressShares in Cypress Semiconductor Corp jumped in after-hours trade on Monday after the company said U.S. officials found no national security ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Taliban fought IS with 'limited' US military support, US general revealsThe Taliban has shown that it can fight and defeat Islamic State group jihadists in Afghanistan, a top US general said Tuesday, revealing for the first time that it had done so in recent months with 'very limited' US military support. 'It was a bloody mess, but they did it,' General
Source: YahooSG - 🏆 3. / 71 Read more »