The U.S. government will buy 30 million barrels of oil from producers amid a financial downturn for the industry.<\/p>\n
The Department of Energy (DOE) announced Thursday it would conduct the sales to fill the Strategic Petroleum Reserve (SPR), fulfilling a\u00a0pledge by\u00a0<\/a>President Trump<\/a>\u00a0to offer assistance to the oil industry as prices plummet with the twin threats of the coronavirus and a pricing war between Saudi Arabia and Russia.<\/p>\n \u201cIt is a common sense move. Everyone who has done any version of investing knows you try to buy low and sell high. The same goes with filling the SPR over time,\u201d Energy Secretary Dan Brouillette said in a call with reporters.<\/p>\n This initial purchase comes as oil has fallen to about $25 per barrel, down from roughly $50 a month ago and a steep decline from the average $60 pricetag for oil already in the reserve.<\/p>\n The 30 million barrel purchase announced Thursday is a far cry from Trump\u2019s Friday pledge to fill America\u2019s emergency fuel supply \u201cright up to the top,\u201d maxing out at 77 million barrels.<\/p>\n","protected":false},"excerpt":{"rendered":" The U.S. government will buy 30...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,7],"tags":[],"class_list":["post-22788","post","type-post","status-publish","format-standard","hentry","category-business","category-u-s-a"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22788"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22788\/revisions"}],"predecessor-version":[{"id":22789,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22788\/revisions\/22789"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}