Energy

US government has returned all oil it stored for companies last year

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Welders work on the Strategic Petroleum Reserve pipeline on June 1, 1980, in West Hackberry, Louisianna. Begun under President Ford to reduce the threat of oil embargoes, the SPR crude oil is stored in huge underground salt caverns along the Gulf of Mexico, a natural choice due to the proximity of many refineries and distribution points.

Robert Nickelsberg/Liaison

The U.S. has returned 18.3 million barrels of oil temporarily stored in the Strategic Petroleum Reserve by energy companies that had rented space there when prices were crashing last year.

Oil prices briefly turned negative last year in an unprecedented period of volatility after the economy shut down and demand dried up.

On April…



Source cnbc.com

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