$3 billion measure would replace purchase struck from the stimulus bill.
Even with very high day rates, the oil market contango means that floating storage makes economic sense.
Adjustment to low prices will be much faster than in the past.
Revised plan would help traders during crisis.
If Saudi Arabia and Russia ramp up production as promised, the increase could total as much as 700 million barrels per month.
The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.