WASHINGTON (Reuters) – 9 business consisting of Chevron Corp ( CVX.N), Exxon Mobil Corp ( XOM.N) and Alon U.S.A. Inc have actually accepted rent space to shop 23 million barrels of crude in the U.S. emergency oil reserve, a U.S. authorities stated on Wednesday, as the Trump administration tries to help the market handle crashing oil prices.
FILE IMAGE: Chevron oil exploration drilling website near Midland, Texas, U.S. August 22,2019 Picture taken August 22,2019 REUTERS/Jessica Lutz/File Picture
The Department of Energy, or DOE, said on April 2 it would use oil companies 30 million barrels of space in the Strategic Petroleum Reserve, or SPR. Later in the month, it stated companies remained in agreement negotiations for only 23 million barrels of space.
President Donald Trump had actually purchased Energy Secretary Dan Brouillette in March to fill the reserve, which has about 77 million barrels of totally free area, “to the top.”