The Energy Department said Thursday it has begun the process of purchasing 77 million barrels of U.S. crude oil on President Trump’s order to fill the Strategic Petroleum Reserve.
The department announced a solicitation for an initial purchase of 30 million barrels.
“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said Energy Secretary Dan Brouillette.
Oil prices have plummeted in recent weeks due to a price war between major oil producers Saudi Arabia and Russia. The low prices are hurting U.S. producers.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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