The US Energy Department said today, Tuesday, that it is negotiating contracts with nine energy companies to store up to 23 million barrels of locally produced oil in the country’s strategic crude reserves.
The ministry has embarked on a plan to lease space to companies in the Strategic Petroleum Reserve as a way to help companies suffering from falling oil prices after Congress failed to fund another plan to buy oil for the reserve.
Most of the deliveries will be received in May and June, with some possible shipments in April, the ministry said.
