Treasury Secretary Steven Mnuchin said yesterday (April 26) that he and Energy Secretary Dan Brouillette are studying the idea of loans to oil companies "very carefully."
Appearing on "Fox News Sunday," Mnuchin was pressed on whether the Trump administration would "bail out" oil companies despite critics who say that many of the problems facing the industry are of their own making. "Let me be very clear, the president has said no bailouts to any companies, whether that was airlines or oil companies. We will consider again loans to companies in a proper scenario with strategic importance, but no bailouts. No shareholder bailouts," Mnuchin said.
Key GOP senators are bracing for a fight over help for beleaguered U.S. oil and gas companies in COVID-19 stimulus talks, dismissing growing calls from Democrats and environmentalists to shut the door on a "Big Oil bailout." In separate interviews with E&E News last week, Senate Energy and Natural Resources Chairwoman Lisa Murkowski (R-Alaska) and Sen. Kevin Cramer (R-N.D.), a close ally of President Trump, vowed to press on with efforts to secure aid for struggling domestic producers in future stimulus negotiations.
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MY TAKE:
> Ban oil imports for at least 90 days NOW.
> Open the SPR for oil storage NOW
> Come up with a loan package that will provide liquidity for small and mid-cap upstream companies so they can pay off their bank credit facilities if necessary. These should be one year loans at a low interest rate.
Upstream Companies need help from Washington - April 27
Upstream Companies need help from Washington - April 27
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Upstream Companies need help from Washington - April 27
It is going to take a lot of energy to support a rebound of the U.S. economy. We'll need reliable and affordable sources of energy, primarily oil & gas.
"Every industry is being pushed to the brink right now. Just look at what is generally viewed as oil’s no-brainer “replacement.” Wood Mackenzie just projected that global electric car sales will plunge nearly 45% this year, already less convenient and far too expensive for most consumers. Thus, perfectly illustrating the overwhelming dominance of oil, just 1.3 million electric car sales this year would be less than what Mexico’s car sales are in total."
Read more: https://www.forbes.com/sites/judeclemen ... a87bd3c3bc
"Every industry is being pushed to the brink right now. Just look at what is generally viewed as oil’s no-brainer “replacement.” Wood Mackenzie just projected that global electric car sales will plunge nearly 45% this year, already less convenient and far too expensive for most consumers. Thus, perfectly illustrating the overwhelming dominance of oil, just 1.3 million electric car sales this year would be less than what Mexico’s car sales are in total."
Read more: https://www.forbes.com/sites/judeclemen ... a87bd3c3bc
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group