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Trump says government will buy crude oil to help industry

President TrumpDonald John TrumpThe Hill’s Morning Report — Coronavirus tests a partisan Washington The Memo: Virus crisis upends political world Bill to protect children online ensnared in encryption fight MORE said Friday that the U.S. would purchase “large quantities” of crude oil in order to help the industry, which has been hit by sinking prices this week. 

“Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase, at a very good price, large quantities of crude oil for storage in the U.S. Strategic Reserve,” he said at a Friday press conference.

He said that the move would assist the U.S. oil industry and help the country achieve energy independence. 

This developing report will be updated. 

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