An oil rig drilling into the Bakken shale formation in North Dakota. Photo: Andrew Burton/Getty Images

The White House is weighing options to provide financial assistance to U.S. oil producers getting hammered by the price collapse, but the picture is murky right now.

Why it matters: It's a sign of the rapidly worsening conditions for the sector and the Trump administration's scramble to respond to the effects of the coronavirus and falling prices.

Driving the news: The internal discussions were first reported by the Washington Post, and subsequently confirmed by Axios.

  • I've also learned that independent oil-and-gas producers via the American Exploration and Production Council (AXPC) has been in touch with the White House on the topic.

Where it stands: There's a bunch of ideas flying around. The WashPost reported that low-interest federal loans were the most likely option for the potential aid.

  • Bloomberg reports that some industry lobbyists are pitching the idea of the government buying up some oil to put into the Strategic Petroleum Reserve.
  • That would "enable the government to take at least 78 million barrels off the world market and provide a modest bump in prices," per Bloomberg.
  • The same story also says that administration is considering a separate idea of lowering royalties on oil and natural gas produced on federal lands.

The intrigue: The Washington Examiner reports that there's some pushback from conservatives to the idea of financial aid for producers.

  • Their piece has comments from officials with the Heritage Foundation and the Institute for Energy Research.

What they're saying: AXPC CEO Anne Bradbury said in a statement Tuesday that the group wants "a solution that ensures American companies can continue to invest in and produce low-cost, reliable energy."

  • "We believe in the free market system and will advocate for policies that support a level playing field to address geopolitical manipulation of the market," she said.

Go deeper

Updated 42 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 30,588,989 — Total deaths: 953,482— Total recoveries: 20,832,830Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 6,745,190 — Total deaths: 198,921 — Total recoveries: 2,556,465 — Total tests: 93,150,052Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19.
  5. World: Guatemalan president tests positive for COVID-19.

Schumer: "Nothing is off the table" if GOP moves to fill Ginsburg's seat

Sen. Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Senate Minority Leader Chuck Schumer told congressional Democrats on a conference call Saturday that "nothing is off the table next year" if Senate Majority Leader Mitch McConnell and his Republican allies move to fill Justice Ruth Bader Ginsburg's Supreme Court seat in the coming weeks.

Why it matters: Schumer's comments come amid calls from fellow Democrats to expand the number of judges on the Supreme Court if President Trump and Senate Republicans move to fill the newly empty seat next time the party holds a majority in the Senate.

ActBlue collects record-breaking $30 million in hours after Ginsburg's death

A makeshift memorial in honor of Justice Ruth Bader Ginsburg in front of the U.S. Supreme Court on Sept. 19. Photo: Samuel Corum/Getty Images

ActBlue, the Democratic donation-processing site, reported a record-breaking $30 million raised from 9 pm Friday to 9 am Saturday in the aftermath of Supreme Court Justice Ruth Bader Ginsburg's death, NPR writes and ActBlue confirmed to Axios.

Why it matters via the New York Times: "The unprecedented outpouring shows the power of a looming Supreme Court confirmation fight to motivate Democratic donors."