Trump Announces Massive Oil Purchase for Strategic Petroleum Reserve

On Friday, President Donald Trump announced that he has instructed the Secretary of Energy to begin buying tens of millions of barrels of oil for the Strategic Petroleum Reserve. "We're going to fill it right up to the top," he said in a White House speech that primarily focused on the response to the coronavirus.

The move is expected to provide some relief to U.S. oil producers like ExxonMobil (NYSE: XOM) and ConocoPhillips (NYSE: COP), which have been hurt by the fall in crude oil prices triggered by the Saudi Arabia-Russia oil price war.

Oversupply and reductions in fuel demand have made 2020 a rough year for the oil industry. Image source: Getty Images.

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