US oil storage may have room for “several hundred million barrels” – RT Business News

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    Les États-Unis travaillent sur des moyens d'élargir l'espace de stockage pour y ajouter plusieurs centaines de millions de barils supplémentaires, a déclaré le secrétaire au Trésor Steven Mnuchin lors d'un briefing à la Maison Blanche, cité par Reuters.

"Nous étudions également la possibilité de stocker plusieurs centaines de millions de barils supplémentaires, nous envisageons donc de nombreuses options différentes", Mnuchin a déclaré après avoir annoncé que le gouvernement fédéral rédigeait un plan pour soutenir les producteurs de pétrole locaux en difficulté.

The federal government has already leased 23 million barrels of storage space in the strategic oil reserve to nine energy companies, and the oil is already flowing in the SPR. In April, more than a million barrels were sent to the SPR.

READ MORE: The Death of American Oil

The strategic oil reserve could contain up to 714 million barrels of crude. Currently, its occupancy rate is around 636 million barrels, notes Reuters.

The Cushing, Oklahoma hub is also filling up. The complex’s current occupancy is around 70 percent, but according to traders, it’s actually fully booked by companies looking for storage space for their oil. Cushing’s maximum capacity is around 80 million barrels, but its working capacity is 76 million barrels, according to Reuters. As of April 17, the amount of oil stored there stood at 53 million barrels.



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Oil is also stored offshore. Off the California coast, there are tankers loaded with some 20 million barrels of crude oil, idling offshore with oil nowhere to go.

” It’s incredible. These are such low prices, and in some cases we store oil and get paid for storage because we have huge capacity for it. ” President Trump said. “So what has happened with these strategic reserves is incredible. “

Trump has also told the media that he will soon announce his plan to help the oil industry without providing details. According to reports, the plan will come down to a loan lifeline, although Mnuchin told reporters, “It will not be a rescue plan. “

This article originally appeared on Oilprice.com

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