It’s a rare day when the U.S. turns the Strategic Petroleum Reserve into a self-storage facility, but that’s what’s happening right now, according to U.S. Energy Secretary Dan Brouillette:
“When producing oil you have two options – you either use it or you store it. With the impacts caused by the COVID-19 pandemic, we are seeing an enormous decrease in demand as our country works to contain the virus,” Brouillette said in a statement. “This is why making storage capacity available in the SPR is so important. Providing our storage for these U.S. companies will help alleviate some of the stress on the American energy industry and its incredible workforce.”
It’s an entirely new use for the SPR, which is America’s emergency oil stash. Read more about why the SPR is so critical to America’s economic and national security.