The U.S. is working on ways to expand storage space to add several hundred million more barrels to it, Treasury Secretary Steven Mnuchin said at a White House briefing, as quoted by Reuters. “We’re also exploring potentially having the ability to store another several hundred million barrels, so we’re looking at lots of different options,” Mnuchin said after announcing that the federal government was drafting a plan to prop up troubled local oil producers. The federal government already leased out 23 million barrels worth of storage space in the Strategic Petroleum Reserve to nine energy companies, and oil is already flowing into the SPR. In April, over 1 million barrels were sent to the SPR. The Strategic Petroleum Reserve could hold up to 714 million barrels of crude. Currently, its occupancy is about 636 million barrels, Reuters notes. The Cushing, Oklahoma, hub is also filling up. The current occupancy […]