Trump consider aid to Upstream Companies - Mar 11

dan_s · Post by **dan_s** » Wed Mar 11, 2020 2:08 pm

My Advice to Trump: Just Announce a plan to refill the SPR to help balance supply & demand. Trump should understand the concept of "Buy Low and Sell High". Filling the SPR before taking out Iran's nuclear program could be quite profitable. - Dan

White House likely to pursue federal aid for shale companies hit by oil shock, coronavirus downturn . Washington Post

The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration clamor for help, according to four people familiar with internal deliberations. President Trump has touted the growth of oil and natural gas production under his administration, celebrating their rise in politically crucial swing states such as Pennsylvania. But many oil and gas firms were hammered Monday by the price war that broke out between Saudi Arabia and Russia, driving oil prices down in their steepest one-day drop in almost 30 years. Trump and advisers have been taking calls since Monday from concerned energy sector allies, who have voiced concern and at times exasperation not only about oil prices, but also privately warning against the administration supporting any sweeping paid sick leave policy, according to a major GOP donor and a White House official familiar with the discussions. These people spoke on the condition of anonymity to candidly discuss private conversations. Mike Sommers, CEO of the American Petroleum Institute, told reporters Monday that the oil and gas industry is not seeking a bailout. Anne Bradbury, CEO of AXPC, which represents the top 25 independent oil and gas producers in the U.S., said in a statement that shale producers were willing to "work with our nation's leaders on a solution" that ensures low-cost energy. "We believe in the free market system and will advocate for policies that support a level playing field to address geopolitical manipulation of the market," Bradbury said.