Helping the Oil Industry A Top Priority- President Trump

  • April 30, 2020 12:48 PM AEST
  • Team Kalkine

President Donald Trump announces that his administration would soon release a plan to assist the local oil companies.

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  • The Treasury Secretary of the United States further suggested that the upcoming plan could include adding millions of oil barrels to the Strategic Petroleum Reserve.
  • The United States Strategic Petroleum Reserve (or SPR) currently holds ~ 636 million barrels of crude and could further add ~ 79 million, with the existing capacity being 714 million.
  • In the wake of COVID-19 outbreak the global fuel demand has dropped approx. by 30.0 million barrels per day or roughly by 30 per cent.

 


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