Trump to Purchase 75 Million Barrels of Oil for Strategic Petroleum Reserve

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President Trump plans to turn the financial bloodletting into an opportunity for the United States.

“Based on the record low price of oil, it is at a level that is very interesting to a lot of people, we’re filling up our national petroleum reserves, strategic reserves and we are looking to put as much as 75 million barrels into the reserves themselves that would top it out, that would be the first time in a long time its been topped out and we’d get it at the right price,” said Trump.

The SPR was created between 1973-1974 after the oil embargo, as noted by the U.S. Department of Energy. Its purpose is to act as a shield against the disruption or depletion of oil supplies for the U.S.

If Trump’s plan gets approved by Congress the SPR would act as the motherload of U.S. storage purchased on the cheap.

“We’ll ask for permission to buy it or store it one way or the other it will be full” he added. – READ MORE

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