Trump wanted lower oil prices, but now he's meeting with industry executives to discuss how to raise prices [MSNBC.com]
Pioneer Natural Resources Company (PXD)
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Source: MSNBC.com
President Donald Trump is scheduled to meet with executives from the energy sector on Friday afternoon, including the president and CEO of the industry’s largest trade group, the American Petroleum Institute.In recent months, oil prices have fallen dramatically, and now, as the U.S. tries to mitigate the coronavirus outbreak, there is less demand for gasoline. On top of that, there is an overabundance of oil, dwindling storage capacity, and a price war between two major producers.Saudi Arabia seizes oil market by the throat; stock market chokesMarch 10, 202004:12“It is as scary a time in the industry as we’ve seen,” says Praveen Narra, an oil analyst at Raymond James.The economic downturn has hit the entire labor market hard, with 10 million Americans filing for initital jobless claims in the past two weeks. Friday's monthly employment snapshot from the Department of Laborshowed the economy shed 701,000 positions during the month of MarchThe U.S. natural gas, oil, and petrochemical in
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