U.S. advances oil reserve revamp plan, potential 8 Mil barrel crude sale | Reuters

The Obama administration has sent Congress a plan to modernize the country’s emergency oil reserve, a step that could set in motion a sale of about 8 million barrels from the stash later this year to help pay for the revamp, the Energy Department said on Wednesday.Under the $1.5-$2 billion revamp plan, three dedicated marine terminals would be added to the Strategic Petroleum (SPR), a string of 60 heavily-guarded underground caverns on the Texas and Louisiana coasts.Also, aging equipment for oil processing, firefighting and security would be fixed or replaced at the SPR, which was last updated in the late 1990s.

Source: U.S. advances oil reserve revamp plan, potential crude sale | Reuters

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