The US Department of Energy has announced it is introducing a new program aimed at giving US consumers a chance to buy back their investments in the oil and gas giant.
Under the buyback program, Google will offer to return up to $5,000 worth of stocks on behalf of those consumers who apply.
Google is also looking to help companies like eBay and Amazon that do business with US oil and natural gas companies.
A number of US oil companies have announced plans to withdraw from the fossil fuel sector in an effort to reduce emissions and the climate change impact.
However, a number of big oil companies, including Exxon Mobil and Shell, have been pushing to keep their operations in the US, saying that it is in their long-term economic interest to stay in the country.
“We believe in our long-time investment and the value of our investments, and will continue to invest in the United States as long as our investments are safe and sound,” said Exxon Mobil CEO Rex Tillerson.
The buyback is not the first time Google has offered to buy its own stock in the energy sector.
In 2015, Google agreed to buy the rights to its Android mobile operating system, Google Android, for $1.3 billion.
But this time around, the US government has asked Google to sell all of its stock in order to help US consumers save money.
On Thursday, the department announced that it was also seeking to help consumers purchase oil products from companies that do not currently have a relationship with US companies.
“The government will make available to consumers in the next two weeks an option to buy shares in companies that are currently participating in the Energy Buyback Program,” the department said in a statement.
Companies participating in this program will be required to sell up to 10% of their net sales, in addition to their net earnings, for the purpose of the buybacks.
More to come.