Trump Negotiating to Lease Oil Storage Space to Nine Companies
- 23 million barrels to be stored in emergency oil stockpile
- Move meant to help ease pressure of building crude inventories
Oil storage tanks in Cushing, Oklahoma.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude.
The Energy Department said most of the oil will be delivered in May and June, with the crude distributed into all four of the reserve’s storage sites in Texas and Louisiana. The agency did not say what companies were involved in the deals or detail the terms of their contracts.