XOM - Trump to Meet With U.S. Oil CEOs to Discuss Aid for the Industry
President Trump will meet with the leaders of several large U.S. oil companies on Friday, according to a report by The Wall Street Journal. The newspaper's sources said that the meeting would include the CEOs of ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and Occidental Petroleum (NYSE: OXY) as well as the founder and executive chairman of Continental Resources (NYSE: CLR). They'll discuss measures they would like the government to take to help the U.S. oil industry survive the crash in oil prices being driven by the COVID-19 pandemic on the one hand, and Saudi Arabia and Russia boosting supply in a price war on the other.
Those rock-bottom crude prices claimed their first victim Wednesday as one of North Dakota's leading producers, Whiting Petroleum, filed for bankruptcy.
Trump will reportedly discuss potential aid to the industry, which could include putting tariffs on oil imports from Saudi Arabia, as well as a waiver of the Jones Act, which requires that American vessels be used to transport goods like oil between U.S. ports.