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Coronavirus Updates: Trump Says He'll Add 75 Million Barrels to Oil Reserve After Crude Plummets
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April 21, 2020
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10:13:14Now PlayingStay informed with QuickTake's coronavirus coverage of up-to-the-minute stories on the COVID-19 crisis. #Coronavirus #Covid19 #CoronavirusUpdates
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President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia.
Oil is at “a level that’s very interesting to a lot of people right now,” Trump said Monday at a White House news conference. “That would be the first time in a long time it’s been topped out -- we’ll get it for the right price.”
Trump has sought to help U.S. oil companies from record low prices. But with demand hurt by the global coronavirus shutdown, crude has continued to plunge. On Monday, the price of the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory.
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