The Department of Energy puts out a request to see some proposals to buy up to a million barrels of light sweet crude oil for the strategic petroleum reserve looking particularly to source from small and mid-sized oil-producers struggling to survive with oil costs above $29 dollars per barrel from being negative just a few weeks ago.
The Energy Secretary Dan Brouillette says that as economies open up as states begin to relax, the lockdown standards and we’re seeing is an increased demand signal for gasoline refined product that comes from crude oil.
“You see some stabilization in that oil market, but we’re also starting to see it in the futures market. Just a few short weeks ago, we were in a super contango market, but it’s starting to flatten out a little bit, which is a great sign.
As these economies open up, all consumers will enjoy some really low gasoline prices, the same effect is a tax cut for the American economy, so consumers are going to benefit from that. What we’re seeing is a very strong energy market, and we can meet our energy needs.
As for green energy, we look at the fact that the United Kingdom’s most popular car this past quarter an electric vehicle. It was Tesla. We’re very big supporters of renewable energy, but the bottom line is that the President has chosen to pursue an all-of-the-above energy strategy, and that includes all of the above. It’s all forms of energy, and the reason we do is that it provides consumers choice, and when they have a choice, it tends to push the pricing down.
As a matter of fact, we spent for purposes of research and development nearly a billion dollars over the course of the last year just for renewable technologies.”
Also, Mr. Brouillette answers some questions about the COVID-19 vaccine development process and efforts to interrupt it.
“We have security measures in place, for instance, very strong authentication type processes, so we make it very difficult for the Chinese of the Iranians or any adversary to gain access to the supercomputers that we have there.
Within that laboratory system, we have biosecurity and computing experts, and we were able to use that computing technology to sift through billions of pages of literature, identify the things that were most relevant and provide them to medical professionals. Through that process, we were able to not only find the most relevant research but also identify drug compounds that had very positive impacts on this virus”.