Australia has finalized a deal with the US to create its first emergency oil stockpile and store it in the US Strategic Petroleum Reserve caverns on the Gulf Coast. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The Australian energy ministry said Wednesday that it would spend A$94 million ($59 million) to buy crude at current low prices and store the supply in the SPR for an initial period of 10 years. With NYMEX June WTI crude trading around $15/b Wednesday, Australia could buy about 4 million barrels of US crudes. That would sink to around 2.8 million barrels at current ICE June Brent prices of about $21/b. ClearView Energy Partners said those volumes drawn from Gulf Coast commercial stocks would […]