Amid Coronavirus Lockdown, President Trump Marshals Federal Resources to Support American Oil and Gas Industries
Posted on 04/21/2020
On the day after the price of oil crashed to historic lows due to a supply glut and lack of oil storage, on April 21, 2020, U.S. President Donald Trump tweeted, “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!”
The U.S. Department of Energy has been working with American oil producers to find storage for excess oil. The Energy department was negotiating arrangements with nine U.S. oil producers to store a total of 23 million barrels of their produced oil U.S. Strategic Petroleum Reserve (SPR).
