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Trump allows release of strategic reserve to control rising oil price

Trump allows release of strategic reserve to control rising oil price
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The State Of The Enterprise ECHO Storage Terminal

The terminal is expected to link North America’s growing oil supply with Gulf Coast refineries, but as storage dwindles, where does the project stand today?

US Strategic Petroleum Reserve to start unloading crude barrels as soon as April

US Strategic Petroleum Reserve to start unloading crude barrels as soon as April A federal effort to sell roughly 20 million barrels of crude oil from the US Strategic Petroleum Reserve could begin deliveries as early as April and continue well into 2021. The reserve, which was sitting at 638.1 million barrels as of Jan. 8 according to the US Energy Information Administration, has slowly declined since peaking at more than 726 million barrels in early 2010. But that decline has coincided with gains in commercial storage over most of the last decade as the nation’s shale oil boom took hold. The sale of more than 10 million barrels of crude will be phased-in throughout 2021 as congressionally mandated with deliveries expected to begin in May, if not sooner, the US Department of Energy said, citing its confidence in the long-term health of global crude markets.

Exports Boosted US Shale Market, but Long-Term Demand Uncertain

Exports Boosted US Shale Market, but Long-Term Demand Uncertain The Theo T oil tanker sits docked at a facility in Corpus Christi, Texas, in December 2015. (Bloomberg News) [Ensure you have all the info you need in these unprecedented times. Subscribe now.] Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S. shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It was the start of a run that would reshape global oil markets, shift geopolitical power and upend entire economies. The shale boom itself has turned the U.S. into the world’s largest oil producer and has moved it ever closer to a long-cherished dream of ending dependence on Middle East oil.

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