President Talks Market Slump with Oil Execs

Historically low prices threaten American oil business.

On Friday afternoon, President Trump met with executives of oil companies to discuss the price slump brought about by the coronavirus outbreak and the Saudi-Russia price war.

“We’ll work this out and we’ll get our energy business back,” the president told reporters while surrounded by cabinet members, oil-state lawmakers, and executives from big drillers such as Exxon Mobil, Chevron and Continental Resources. “I think President Putin and the Crown Prince want something to happen badly,” he said.

The executives urged President Trump to grant the embattled industry access to government programs aimed at helping companies harmed by the pandemic.  Although the executives did not ask for “special treatment,” American Petroleum Institute CEO Mike Sommers said smaller oil companies should get access to the Small Business Administration loans and larger ones should be able to tap programs set up as part of the $2 trillion relief package enacted a week ago.

As the Lord Leads, Pray with Us…

  • For President Trump, Energy Secretary Dan Brouillette, presidential advisers and others, working with industrial groups over the glut in oil supply and the price damage being done to the American oil industry.
  • For President Trump, Secretary of State Mike Pompeo, and foreign and diplomatic advisers working with both Russia and Saudi Arabia to call off their oil price war.

Sources: Reuters, CNN


Back to top