President Trump took another bold and decisive move during the Wuhan coronavirus epidemic, where the American energy sector is concerned. The Department of Energy announced that by the order of President Trump, the DOE will fill the Strategic Petroleum Reserve (SPR) to maximum capacity by acquiring 77 million barrels of American-made crude oil.
.@ENERGY is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of #COVID19 and the intentional disruption to world oil markets by foreign actors.
— Dan Brouillette (@SecBrouillette) March 19, 2020
BREAKING: Department of Energy Executes On Direction Of President Trump, Announces Solicitation To Purchase Crude Oil For The SPR To Provide Relief To American Energy Industry https://t.co/HKdFhGzzBY
— Energy Department (@ENERGY) March 19, 2020
Oil surges 21%, on track for best day ever, rebounding from Wednesday's steep losses https://t.co/9cNyT4h1WX
— CNBC (@CNBC) March 19, 2020
The hope is to prevent oil-related economic disturbances, and to support American workers burdened by Saudi Arabia and Russia, as House Minority Leader Kevin McCarthy (R-CA) pointed out:
American oil workers are bearing the brunt of Saudi Arabia and Russia’s reckless actions. President @realDonaldTrump made the right call to fill the Strategic Petroleum Reserve with AMERICAN MADE crude—great for workers! Congress will act to provide the money soon. https://t.co/A2DZUEwWAl
— Kevin McCarthy (@GOPLeader) March 19, 2020
This order directly benefits American oil workers, and shows economic solidarity from President Trump during a global health crisis.
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