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.

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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