Oil Lobbyists Call on Trump to Buy the Dip for Strategic Reserve
- Pitch follows collapse in oil prices due to Saudi price war
- Trump officials weighing royalty relief for oil production
Photographer: Luke Sharrett/Bloomberg
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America’s emergency oil reserves have been used in the past to provide relief from price spikes caused by wars or hurricanes. Now, they could be deployed to help oil drillers reeling from the worst market rout in nearly 30 years.
Under a novel plan that’s been pitched by some industry lobbyists, the Trump administration would take advantage of the recent collapse in prices to snap up barrels on the cheap, according to three people familiar with the matter who asked for anonymity to detail private deliberations.