Trump aims to ease U.S. oil industry's cash crunch, no plan to trim output: sources [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Trump aims to ease U.S. oil industry's cash crunch, no plan to trim output: sources (Reuters) - U.S. President Donald Trump has directed his cabinet to find ways to ease a cash crunch in the drilling industry after oil company executives told him in a Friday meeting it was among their top concerns, according to three sources briefed on the matter. Trump hosted the White House meeting with executives from Exxon Mobil, Chevron Corp, Continental Resources and others as his government seeks to contain the fallout from an historic slump in oil prices that has threatened the industry with bankruptcies and layoffs. Oil prices have dropped by about two-thirds this year as the coronavirus outbreak crushes fuel demand and major producers Saudi Arabia and Russia engage in a price war. U.S. Energy Secretary Dan Brouillette told a broad industry conference call following Trump’s meeting with the oil executives that Trump had directed him to work with Treasury Secretary Steven Mnuchin to look for w
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