The US could begin purchasing US-produced crude oil for the Strategic Petroleum Reserve in two weeks from now, and fill it in several months, an Energy Department source said on Monday.
President Donald Trump said on Friday that he had ordered the Energy Department to fill the reserve “to the top”.
The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi Arabia and Russia.
The Energy Department has said the reserve, which has a capacity of 713 million barrels, can take an additional 77 million barrels of crude.
It was unclear how the government would finance such a purchase.