The battered U.S. oil market may have just received a lifeline from President Trump after crude prices posted the worst week since 2008 hugging the $31 per barrel level, down 48 percent so far this year. Trump, as part of his national emergency declaration to combat the fallout from the coronavirus , greenlighted the Department of Energy to step into the market as a buyer. “Based on the price of oil I have also instructed the Secretary of Energy to purchase, at a very good price, for large quantities of crude oil for storage in the U.S. Strategic Reserve, we are going to fill it right up to the top, saving the American taxpayer billions and billions of dollars and helping our oil industry,” Trump stated on Friday. The move, according to Phil Flynn of The PRICE Futures Group, should boost oil prices from historic lows. “This could send […]