"The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers into bankruptcy.
The Energy Department has drafted a plan to compensate companies for sitting on as much as 365 million barrels worth of oil reserves by effectively making that untapped crude part of the U.S. government’s emergency stockpile, said senior administration officials, who asked not to be identified describing deliberations prior to a decision and announcement.
West Texas Intermediate crude oil futures for May rose about 20 cents to $20.42 a barrel on the news. Earlier Wednesday, crude futures settled below $20 a barrel for the first time in 18 years."
Jennifer A Dlouhy and Sheela Tobben report for Bloomberg April 15, 2020.
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