LOGA celebrates Pres. Trump’s decision to open Strategic Petroleum Reserve space to struggling U.S. oil producers

Energy Report

GULF OF MEXICO – MAY 09: A drilling platform is seen near the site where the Deepwater Horizon oil platform sank as work continues to contain the oil leak on May 9, 2010 in the Gulf of Mexico. The Deepwater Horizon oil rig operated by BP is leaking an estimated 5,000 barrels of oil a day into the Gulf and the slick has now reached nearby land. Efforts to contain the spill, including a 98-ton containment box to cap the leak, have done little to slow its flow. (Photo by Joe Raedle/Getty Images)

BATON ROUGE, LA — Today, the U.S. Department of Energy announced a solicitation to immediately make storage space for 30 million barrels of crude available to struggling oil producers after Congress blocked funding a direct purchase into the SPR last weekend.

“Louisiana’s oil producers praise the President, his administration, and Louisiana’s federal delegation for taking swift, decisive action to help support the nation’s energy producers with the SPR’s exchange for storage,” Gifford Briggs, Louisiana Oil & Gas Association President said. “The oil and gas industry is the backbone of Louisiana’s economy and the foundation for many communities who have found themselves reeling in the wake of both COVID-19 and the Russian-Saudi oil price war. This market-based solution creates a win-win scenario by opening up badly needed storage for producers and filling up the SPR for citizens when American energy security is needed most.”

The full Department of Energy release and RFP pdf can be found on LOGA’s website here:
https://www.loga.la/news-and-articles/u-s-department-of-energy-to-make-strategic-petroleum-reserve-storage-capacity-available-to-struggling-u-s-oil-producers

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More Energy

Don't Miss

More Don't Miss