Plans to lease out space for domestic oil companies to store oil in the Strategic Petroleum Reserve (SPR) were announced by the U.S. Department of Energy (DOE) On Thursday, April 2. At a time when the price of oil has dropped to its lowest level in nearly two decades and demand for fuel has decreased because of travel reductions due to the COVID-19 pandemic, this decision is an important step by the federal government to support the oil and gas industry.

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