Last Thursday (20), the Department of Energy of the United States said it will buy 30 million barrels of oil for the strategic reserves of the country. The initiative follows President Donald Trump's guidance that reserves be filled to help domestic producers of the commodity.
The purchase of the first 30 million barrels should be earmarked for the purchase of small and medium-sized producers. The strategic reserve, located in caves on the coasts of Texas and Louisiana, has an additional 77 million barrels. Up to 11.3 million barrels of sweet oil and up to 18.7 million barrels of crude "sour" oil should be purchased.
"With its extensive storage, pipeline and marine infrastructure along the Gulf Coast, SPR will help alleviate oil-related disruptions in our economy," said Steven Winberg, the department's assistant secretary of fossil energy.