Energy Sec. Dan Brouillette Announces Opening of Strategic Petroleum Reserve
U.S. Secretary of Energy Dan Brouillette announces on the Moon Griffon Show that his department is making the Strategic Petroleum Reserve Storage Capacity available to struggling U.S. oil producers that are struggling with catastrophic financial losses due to the coronavirus and the intentional disruption of world oil markets by foreign actors.
This makes available 30 million barrels available now and the Department currently expects to make 47 million barrels more available later.
"Filling the SPR with crude oil, produced by American companies that are facing catastrophic losses and increased financial hardship, is a logical action for the federal government to take as we work to overcome the economic disruptions caused by COVID-19 and intentional, global oil market disruptions,” said U.S. Secretary of Energy Dan Brouillette. “The Department continues to work with Congress to find ways to make funding available for DOE to buy American oil. However, we must move with a sense of urgency to support an industry that underpins the U.S. economy and supports our national security. Making some of the SPR’s storage capacity available to industry, without purchasing the oil, provides this immediate benefit to the industry and its hard-working employees.”
“We expect the first crude oil deliveries to arrive in late-April or early-May depending on producer logistics. The SPR will be ready to receive up to 685,000 barrels per day,” explained Assistant Secretary for Fossil Energy, Steven Winberg. “With its extensive storage, pipeline, and marine infrastructure along the Gulf Coast, the SPR will help relieve oil-related disruptions to our economy.”
LISTEN BELOW to Brouillette's interview with Moon Griffon: