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    Trump Steps In To Help Oil Industry Facing Its Own Coronavirus Crisis

    The oil industry has faced reduced demand from coronavirus, made worse by a global price war. The Trump administration says it will help by buying up cheap oil for the nation's strategic reserve.
    by Jeff Brady Mar 14, 2020 2 minutes
    An oil drilling rig near Karnes City, Texas, continued work as oil prices collapsed this week. Companies already were cutting costs and now will have to cut deeper as oil prices remain low.

    Oil prices bounced back a bit after President Trump said the Department of Energy would buy crude for the nation's strategic petroleum reserve.

    "We're going to fill it right to the top," Trump said Friday in a wide-ranging news conference at the White House. He said it will save taxpayers "billions and billions of dollars" while helping an industry that's been reeling.

    While oil prices increased

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