CLR - The Trump Administration to Craft a Rescue Plan for the U.S. Oil and Gas Industry
President Trump has instructed the Secretaries of Energy and the Treasury to work together and formulate a plan to save the U.S. oil and gas industry, according to a tweet earlier today. He wants to make funds available to the beaten-down sector so that companies can preserve jobs.
A one-two punch clobbered the U.S. oil patch this year as plunging demand due to the COVID-19 outbreak came at the onset of a price war between Saudi Arabia and Russia. Those issues are causing oil to pile up in storage. There's so much excess crude sloshing around the market right now that the country is quickly running out of storage space. That pushed crude prices into negative territory yesterday as traders are paying others to take oil off their hands.
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