Insight from Washington: Trump uses oil diplomacy, executive orders to aid US producers

Jun 10 10:06 2020 Print This Article

A day after US light crude futures took an unprecedented dive into negative territory, President Donald Trump promised to deliver federal relief to domestic oil and gas producers just like the US Congress had approved for airlines and a host of other industries as the pandemic wreaked havoc on the US economy.

“We will never let the great US Oil & Gas Industry down,” Trump said April 21 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!”

No direct aid has materialized yet, and analysts expect Democrats in Congress to block any further attempts, as they did when the Department of Energy (DOE) sought $3 billion to buy US crudes to fill the Strategic Petroleum Reserve (SPR).

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The Barrel

S&P Global Platts provides market insights so people can make more informed trading and business decisions.. They're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to their expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts provides critical information for the commodities & energy markets to make physical commodity markets more transparent and efficient. S&P Global Platts blog, The Barrel, provides the essential perspective on global commodities.

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Insight from Washington: Trump uses oil diplomacy, executive orders to aid US producers

A day after US light crude futures took an unprecedented dive into negative territory, President Donald Trump promised to deliver federal relief to domestic oil and gas producers just like the US Congress had approved for airlines and a host of other industries as the pandemic wreaked havoc on the ...