As oil prices continue to plummet, the U.S. oil industry is facing significant pressure and has already seen the loss of tens of thousands of jobs in Texas alone.
Earlier this week, West Texas Intermediate crude dipped into negative territory for the first time in its history, putting unexpected and crippling weight not only on oil producers but also on their extensive supply chain across the nation.
But just as the U.S. oil industry appears to be on the verge of collapse, President Donald Trump is now in a position to offer a safety blanket for “the great U.S. Oil & Gas industry.”
Trump says that his administration will put together a plan to fund “these very important companies” that provide more than 10 million jobs in the U.S. Some 60+ American oil production and service companies could lose hundreds of millions more dollars in revenue if they are forced to exit Venezuela. The license that allows them to continue to safeguard their assets and operations in Venezuela, which is issued by the U.S. Treasury Dept., expires tomorrow, April 22 READ MORE
“We will never let the great U.S. Oil & Gas Industry down,” stated President Trump “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!”
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!
— Donald J. Trump (@realDonaldTrump) April 21, 2020
