by Mike ‘Mish’ Shedlock
Mish Talk
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.