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DeSmog
Apr 9, 2020 @ 15:12
After Congress declined to allocate $3 billion of the recent economic stimulus package to fill the government’s emergency stockpile of oil, the Trump administration has taken its own steps to provide short-term relief to the U.S. petroleum sector.
The Department of Energy announced last week it would be making arrangements to immediately store 30 million barrels of oil in the Strategic Petroleum Reserve (SPR), a backup reserve created in the 1970s as a buffer against oil supply disruptions. Now, instead of supply shortages, oil markets are facing what consulting firm Rystad Energy is calling “one of the biggest oil supply gluts the world has ever seen.”