Trump calls for U.S. oil industry bailout as prices plunge [Reuters]
Whiting Petroleum Corporation (New) (WLL)
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Source: Reuters
Trump calls for U.S. oil industry bailout as prices plunge WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday he has asked his cabinet to devise a plan to inject cash into the ailing U.S. oil-drilling industry to help it survive a historic collapse in crude prices. “We will never let the great U.S. Oil & Gas Industry down. 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!” Trump said on Twitter. U.S. oil and gas companies from Texas to Wyoming have struggled to stave off bankruptcy amid worldwide stay-at-home orders and business stoppages spurred by the coronavirus outbreak that have obliterated global demand for fuel. U.S. crude oil futures collapsed to trade in negative territory for the first time in history on Monday, as desperate traders paid to get rid of barrels amid a dearth of storage space. Last week,
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