The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department last week to fill the United
WASHINGTON — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.
West Texas crude prices fell below $21 a barrel Wednesday after oil producers Russia and Saudi Arabia stepped up pumping, threatening the market share of U.S. oil, and as the coronavirus moved the world toward recession and tamped-down consumer demand for energy. Brouillette also denied the United States was intervening against market forces to boost U.S. oil prices. Pointing to Russia and Saudi Arabia’s surge of production, he said the purpose of the nation’s strategic oil reserves is “to mitigate this type of disruption.”
Story continues“It’s unfortunate that both of these countries chose -- and this was an action they thought about -- this particular time, while we have this global pandemic, to do something like this,” Hamm said. Congress has to approve the money for the administration's petroleum buy. The administration must overcome opposition from some Democratic lawmakers.
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