US intends to replenish oil by several hundred million barrels


The US government is exploring the possibility of storing several hundred million more barrels of oil in the strategic reserve. U.S. Treasury Secretary Stephen Mnuchin said this on April 29 during a meeting at the White House. He said the government was considering many different strategies to support the U.S. oil sector. But not to save shareholders, but to support national security. Mnuchin recalled that taking advantage of low prices in the world market, the administration is replenishing the US strategic oil reserve. We are also studying the potential possibility of storing several hundred million more barrels, the head of the Ministry of Finance said. According to the news agency, the storage facilities of the strategic oil reserve of the USA began to accept raw materials of private companies. The U.S. Department of Energy concluded relevant agreements with the oilmen in April. They will be able to hold nearly 23 million barrels of oil in strategic storage for about a year, with the bulk of raw materials coming in May and June. In April, about 1.1 million barrels of oil were delivered to these storage facilities. The Strategic Oil Reserve was established in the United States in 1975 following the global energy crisis. Four storage facilities are in the states of Texas and Louisiana, and now contain about 635 million barrels of oil. Read also: Trump promised to save the US oil industry

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