Trump Eyes Saudi Oil Import Ban, SPR Fill as Prices Go Negative
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U.S. President Donald Trump said he’ll look into a proposal to prevent Saudi Arabian oil from unloading in the U.S. and that he wants to fill the Strategic Petroleum Reserve after crude prices fell into negative territory.
“This is a great time to buy oil,” Trump said in a White House press conference Monday night. He said he wants either permission from Congress to purchase oil for the reserve or will allow companies to use its 75 million barrels of spare capacity to store crude.