U.S. oil producers may soon have access to federal oil storage space to alleviate the glut that is threatening to overwhelm existing private storage capacity. Bloomberg reports , quoting three unnamed sources, that the Energy Department is considering the option, and an official announcement could come later. The combination of the demand-crippling coronavirus outbreak and the oil price war between Saudi Arabia and Russia has pressured the U.S. oil industry significantly, leading to growing excess supply that now pipeline operators are warning needs curbing before the tanks fill up. The storage problem is becoming critical on a global scale. According to the chief analyst of data analytics firm Kayrros, if storage continues to fill up, oil prices could fall close to zero. This zero space available could happen in months, if not weeks. U.S. West Texas Intermediate has been trading around $20 a barrel, but some regional grades have […]