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I heard it wasn't funded, but can't the US strategic reserve take these contracts at a negative price and fill up on cheap oil? It would seem like a prudent th
by Natsu 7y ago
I heard it wasn't funded, but can't the US strategic reserve take these contracts at a negative price and fill up on cheap oil?
It would seem like a prudent thing to do because it can then be used to restart the economy later and make a decent profit to pay off things like all these Covid checks.
- stevenwoo 7y agoThey had plans to make a purchase to fill the reserve last month before the price went negative today, and they only had about 10 percent of the reserve free at that time: https://www.fool.com/investing/2020/03/13/trump-announces-massive-oil-purchase-for-strategic.aspx https://www.fool.com/investing/2020/03/13/trump-announces-ma...
- Natsu 7y agoI heard that was announced, but funding for that never materialized, so I'm not sure they got a chance to actually do that.