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Energy and Environment

Trump administration considers paying US oil producers to keep it in the ground

By Josh Siegel
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Trump administration considers paying US oil producers to keep it in the ground

The Trump administration is considering paying U.S. companies to keep the oil they produce in the ground to help alleviate a historic glut.

The Energy Department is weighing a plan to purchase oil from small and medium-sized shale companies struggling from a price collapse on the condition that the producers don’t extract or deliver the oil, people familiar with the matter told the Washington Examiner.

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COVID-19 Lisa Murkowski Oil OPEC Russia Saudi Arabia Shale