The US Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its SPR. (Bloomberg) — The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude. The Energy Department said most of the oil will be delivered in May and June, with the crude distributed into all four of the reserve’s storage sites in Texas and Louisiana. The agency did not say what companies were involved in the deals or detail the terms of their contracts. “When producing oil, you have two options — you either use it or you store it,” Energy Secretary Dan Brouillette said in a news release. “Providing our storage for these U.S. companies will help alleviate […]