The US could begin purchasing US - produced crude oil for the Strategic Petroleum Reserve in two weeks from now, and fill it in several months, an Energy Department source said on Monday .
President Donald Trump said on Friday that he had ordered the Energy Department to fill the reserve “ to the top” .
The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi Arabia and Russia.
The Energy Department has said the reserve, which has a capacity of 713 million barrels, can take an additional 77 million barrels of crude .
It was unclear how the government would finance such a purchase.

The cost of 77 million barrels at Monday ’ s prices for WTI oil CLc 1 of fewer than 30 dollars a barrel would be nearly 2. 3 billion dollars .
Congress would likely have to pass a bill containing funding but it was uncertain how much money could be arranged through legislation .
Some lawmakers in the House of Representatives, which are controlled by Democrats, could seek measures to promote green energy as a compromise.
Still , the source was confident that things would move quickly.
“ Based on discussions with industry we are confident that this can be filled within several months, ” said the DOE source who spoke on condition of anonymity .
Trump, who is running for re- election in November, has been divided on the impact of low oil prices .
Last week he said in a tweet : “ Good for the consumer , gasoline prices coming down!”
But the oil price drop could also push many domestic crude producers into bankruptcy.


source: https://punchng.com/coronavirus-trump-orders-us-energy-dept-to-fill-oil-reserves-to-top/

How does that affect the average Nigerian man?

Oga ooo Recession is Looming!

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At least, Corona Virus or no Corona Virus, we go still chop

America plz buy Nigerian crude from their stock.
I need to get paid by my oil bosses.

I need my salary to invite my babe over from Jos.

OfeAchi:

America plz buy Nigerian crude from their stock.
I need to get paid by my oil bosses.

I need my salary to invite my babe over from Jos.

Last last that your babe go branch see another guy before she carry her fairly used pvssy reach your side..