U.S. oil prices crashed into negative territory for the first time in history. Photo: Jonathan Raa/NurPhoto via Getty Images

There are various ideas kicking around, in addition to previously floated proposals — which Congress has yet to approve — to buy 77 million barrels of oil for the SPR.

The big picture: Steps that don't require new Capitol Hill actions could be key for the White House. Edward Moya, an analyst with the firm OANDA, warned in a note that President Trump "will see strong resistance from Congress in giving out any funds to oil and gas companies."

Driving the news: "The Trump administration is considering offering federal stimulus funds to embattled oil-and-gas producers in exchange for government ownership stakes in the companies or their crude reserves," the Wall Street Journal reports.

  • The research firm ClearView Energy Partners said in a note: "Treasury could guarantee loans to distressed firms in return for equity stakes or senior debt, and Washington could use its voting shares to compel shut-ins (i.e., as part of a bargain with OPEC+)."
  • Mnuchin said recently that oil companies can seek to use new lending programs the Federal Reserve is setting up, and Energy Secretary Dan Brouillette told Bloomberg yesterday that the administration is working to ensure that access.

Other ideas: There have also been reports in Bloomberg and elsewhere that administration officials have weighed plans to pay companies not to produce. It would involve buying large amounts of oil to be part of the nation's emergency stockpile — but without extracting it first.

  • Meanwhile, the American Exploration & Production Council, an industry group, yesterday urged administration officials to pressure China to make good in pledges to significantly boost purchases of U.S. energy as part of the recent trade agreement.

Go deeper: Yes, oil prices are negative. No, you won't get paid to fill up your car

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Ben Geman, author of Generate
Jul 30, 2020 - Energy & Environment

Oil giants Shell and Total report profits despite staggering earnings declines

Photo: Patrick Pleul/picture alliance via Getty Images

Shell and Total SA announced mammoth earnings declines Thursday that reflect the pandemic's toll on energy prices and demand, but the companies nonetheless beat expectations and eked out profits.

Driving the news: Shell announced second-quarter adjusted net earnings of $638 million, an 82% decline from the same period last year.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

What they're saying: Ruth Bader Ginsburg was a "tireless and resolute champion of justice"

Ruth Bader Ginsburg speaking in February. Photo: Sarah Silbiger/Getty Images

Democratic and Republican lawmakers along with other leading figures paid tribute to Supreme Court Justice Ruth Bader Ginsburg, who died on Friday night at age 87.

What they're saying: “Our Nation has lost a jurist of historic stature," Chief Justice John Roberts said. "We at the Supreme Court have lost a cherished colleague. Today we mourn, but with confidence that future generations will remember Ruth Bader Ginsburg as we knew her — a tireless and resolute champion of justice.”