Trump’s New Idea: Pay Drillers Billions to Leave Oil in the Ground

by Mike ‘Mish’ Shedlock
Mish Talk

Under a plan hatched by the Trump administration, the Energy Department would pay oil producers not to produce.

Hey, let’s bail out all the oil speculators. They voted for me, didn’t they?

If that’s not the general idea, then what is?

Please note U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut.

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.

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