US Energy Secretary Dan Brouillette joined Capitol Crude hours after his department announced it was seeking an initial 30 million barrels of US crude oil to store in the country's emergency stockpile.
This is part of President Donald Trump's pledge to fill the Strategic Petroleum Reserve "right up to the top."
It's being seen as an economic stimulus for US oil producers who are getting hammered by historic low prices caused by plummeting coronavirus demand and breakdown of OPEC+ supply cooperation.
The Energy Department said it plans to solicit another 47 million barrels of US crude for the SPR, but it needs Congress to approve the funding.
We spoke with Secretary Brouillette about how this attempt to help US oil producers will work. We asked him about the fate of US production and exports and where he ultimately sees global oil demand bottoming out.