Posted on 03/21/2020 8:28:22 PM PDT by ConservativeInPA
The Energy Department announced Thursday that it will purchase 77 million barrels of American-made crude oil to begin to fill the Strategic Petroleum Reserve amid the coronavirus outbreak.
“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” Energy Secretary Dan Brouillette said in a statement Thursday.
The Energy Department is expected to purchase an initial 30 million barrels of crude oil, with a focus on small to midsize U.S. oil producers.
“The small to midsize oil producers, which are the focus of the initial crude oil purchase, employ thousands of Americans,” Under Secretary Mark Menezes said. “These businesses have been particularly hard hit by recent events but under President Trump’s leadership, we are taking swift action to assist hard hit producers and deliver strong returns to the taxpayer.”
(Excerpt) Read more at foxnews.com ...
The common sense President Trump helps bring sometimes does give me a welcome surprise.
Even though it shouldn't :)
Trump announced this when the Saudis flooded the market. I guess the Deep State is slow-walkin it like they always do.
As cheap as it will ever be right now....
Serious question: Why is it not topped off already? I know oil has a shelf life but beyond that, I don’t know.
Non serious comment: We need a Strategic Toilet Paper Reserve.
I am so used to $100 a week gas bills that I can’t believe I have almost $450 extra this time of month from 2 weeks at home and no sitter.
I want to excavate a storage facility to fill with $1.35 gas.
Problem is, it’s not the bottom. I expect the 84 cent variety from my days in the 80’s.
I was posting in another thread, saying I hope the government is buying oil to fill the strategic petroleum reserve while the price of oil is so low. Then I looked it up and found this article, even though it is two days old. I like the way Trump thinks. Do you think Obama would be doing this? He would try to stimulate another Solyndra. And we know how that worked out.
That’s a very good thing to do right now. It’s cheap and we never know what tomorrow might bring.
Exactly where is the SR today?
You need to maintain your own Tactical Reserve.
Huh, $1.35??? Here in Washington State it is still $3!
We need more caverns to pump the oil into. Then we can really tell OPEC to screw itself. We can play this game too. The Saudis and Russian can’t keep up with us if we set our minds to it. I’d love to break the Saudis back. It’s payback time going all the way back to the gas lines in the 70s. (That’s Mr. Hyperbole writing.)
Hope not.
Diesel is WAY better to store.
Of course Diesel cars are tough to find at new car Dealers these days.
It’s in caverns in Louisiana
Yabbut where is the tank fill meter pointing?
WA state is run by tax and spend democrats.
Its old salt mines no?
Salt domes in LA?
President Trump actually announced this at a presser several days ago. It’s a Twofer. Though he didn’t use this phrase, it is what he said.
As the price war initiated by the Saudi’s against the Russkies is resulting in extremely low prices and is stressing our small and mid-sized oil companies, he will use this opportunity to support them and fill our SOR to the very top. A win-win scenario instantly recognized by our President.
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