US, WASHINGTON (NEWS OBSERVATORY) — The United States will take advantage of low oil prices to fill its strategic reserves to help producers cope with declining incomes, Donald Trump said on Friday.
“Given the oil prices, I (…) instructed the Secretary of Energy to buy large quantities of crude oil at very good prices to store them in the American strategic reserve. We will fill them completely “said the president, speaking to the White House press.
The last decision in this regard dates back to 2001. It was taken by George W. Bush after the September 11 attacks.
The price of Brent collapsed by 25% this week, an unprecedented weekly drop since 2008.
The strategic reserve of the United States is currently 635 million barrels. According to a member of the Ministry of Energy, it can contain 77 million more.
Contact us: [email protected]
Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.