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4/3, 11:42 PM (Source: TeleTrader)
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Trump offers US oil firms to store oil in strategic reserve

United States President Donald Trump said on Friday that his administration wants to ensure that energy companies, which have been hit by dropping oil demand amid the coronavirus outbreak, stay in "good shape."

As he met with representatives from the industry, Trump offered oil giants, including Chevron, Exxon Mobil and Occidental Petroleum, to store excess oil they have as a result of lower demand in the country's Strategic Petroleum Reserve (SPR).

The US president noted that those companies deserve the governments help as they "kept America going for a long time" and are now stucj with "tremendous" amonts of oil as the COVID-19 outbreak "stopped" demand.

Breaking the News / NP