• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

Trump pledges financial aid to oil industry

April 21, 2020 by Politico

President Donald Trump. | Doug Mills-Pool/Getty Images

President Donald Trump said today he has ordered his administration to rescue U.S. oil companies that have been battered by record low oil prices because of the coronavirus pandemic.

“We will never let the great U.S. Oil & Gas Industry down,” Trump said on Twitter. “I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!”

Advertisement

Spokespeople for the White House, Treasury and DOE did not immediately reply to questions.

U.S. May crude oil futures sunk deep into negative territory on Monday for the first time in history ahead their expiration today. That contract rebounded into positive territory early today, but was still trading at only $1.30 per barrel. The more active June futures contract was down $5 at $15.37 per barrel.

A handful of U.S. oil companies have asked the White House for direct financial aid to the industry as it deals with a global glut of oil that has seen producers scramble to secure storage tank space. The White House had resisted those requests in the lead-up to an OPEC meeting earlier this month where Saudi Arabia and Russia agreed to cut millions of barrels of production.

At least one lobbyist thought direct aid to the industry would prove unpopular with some companies.

“We call it a bailout in parlance,” said the lobbyist, who wasn’t authorized to speak to the press. “It won’t be welcomed by the oil patch.“

Original source: Politico

Filed Under: Oil & Gas

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Atlantic Shores Opens the ECO Center in Atlantic City
  • Leeward Acquires 10 GW Utility-Scale Solar Platform from First Solar
  • ForeFront Power Achieves Commercial Operation on Illinois Solar Project
  • This Arkansas school turned solar savings into better teacher pay
  • NA Wind Power Sentry Electrical Adds Renewable O&M Services to Company Offerings
  • Irish Ministers Unveil Offshore Wind Projects
  • Duke Energy gave half a million to political group before primary, new filings show
  • Texas Governor Receives TGE’s Wind Leadership Award
  • Masdar Closes on Hefty Portfolio of U.S. Clean Energy Projects
  • Vestas Unveils 15 MW Offshore Wind Turbine

Footer

Trending

  • Atlantic Shores Opens the ECO Center in Atlantic City
  • Leeward Acquires 10 GW Utility-Scale Solar Platform from First Solar
  • ForeFront Power Achieves Commercial Operation on Illinois Solar Project
  • This Arkansas school turned solar savings into better teacher pay
  • Sentry Electrical Adds Renewable O&M Services to Company Offerings

Recent

  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster
  • Vestas Unveils 15 MW Offshore Wind Turbine

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2021 · EnergyNewsDesk.com