Oil industry representatives have pitched for discussion to the U.S. Administration the idea that Washington buy cheap crude oil to replenish the Strategic Petroleum Reserve, which would also remove millions of barrels of oil from the heavily oversupplied market and may help U.S. producers that could turn out to be the first victim of the Saudi-Russian oil price war. Oil industry lobbyists have told the Trump Administration that it might be a good idea to buy the dip with oil prices in the $30s this week compared to $50 last week, in order to fill the SPR, Bloomberg reported on Wednesday, quoting three people with knowledge of the matter. The Strategic Petroleum Reserve, set up in the 1970s when the Arab oil embargo created a fuel crisis in the United States, held a total of 635 million barrels of crude oil as of March 6, 2020, including 250.3 million […]